The price of Bitcoin (BTC) is on the rise, breaking through the $69,000 resistance zone. This is the third time that Bitcoin has surpassed its current price level.
Long-term forecast for the Bitcoin price: bullish
However, the bulls have failed to sustain their bullish momentum above the $69,000 level. Once the initial barrier is broken, Bitcoin will rise above the psychological level of $70,000.
However, if the bulls fail to break the $69,000 level, the largest cryptocurrency will continue to move sideways above the moving average lines but below the resistance line. Nevertheless, the current upswing will stop if the bears fall below the moving average lines. The Bitcoin price is at $71,628.
BTC indicator reading
Bitcoin price bars are above the moving average lines as the cryptocurrency approaches the psychological price level. The moving average lines continue to trend north as buyers target the $70,000 high. The moving average lines cross upwards, indicating a positive trend. The price movement was slowed down by the presence of doji candlesticks.
Technical indicators:
Key Resistance Levels – $70,000 and $80,000
Key Support Levels – $50,000 and $40,000
What is the next direction for BTC/USD?
On the 4-hour chart, Bitcoin is retesting its high of $70,000 after breaking through the current barrier.
Now, after reaching the target price level, buyers have maintained positive momentum above the $70,000 high. Should the buyers be successful, Bitcoin will return to its previous highs of $71,750 and $73,000.
Coinidol.com reported last week that Bitcoin was hovering above the critical support level of $65,000 but below the high of $67,000.
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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