The price of Bitcoin (BTC) has fallen below the moving average lines as buyers failed to sustain the price above the 21-day SMA support.
Bitcoin price long-term prediction: bullish
The bulls broke through the 21-day SMA support in the previous price action but were pushed lower at the same time.
According to Coinidol.com, the largest cryptocurrency fell below the moving average lines on June 20, reaching a low of $102,490. In the last 48 hours, the Bitcoin price has been trading above the support level of $102,000.
Bitcoin is gradually approaching the 50-day SMA barrier. If the cryptocurrency drops off the 50-day SMA and breaks below the current support at $102,000, it will continue to fall to the psychological price level of $100,000.
However, if the bears break the $100,000 support, the negative momentum will continue to the $94,800 floor. Bitcoin is currently valued at $103,660.
BTC price indicators analysis
Since June 20, the price of Bitcoin has fallen below the moving average lines after a decline. The sideways trend means that the upward moving average lines are horizontal. Although the moving average lines on the 4-hour chart are horizontal, the price moves both above and below them.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin has fallen into the downtrend zone on the daily chart. In other words, Bitcoin is vulnerable to a further drop in value as the price bars are below the moving average lines.
On the 4-hour chart, Bitcoin is trading above the $102,000 support but below the $110,000 resistance. The Doji candlesticks are currently visible and the price movement has not changed.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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