Bitcoin Continues Its Rise Above The $104,000 Mark

The Bitcoin (BTC) price is trading above the psychological threshold of $100,000 and is above the 21-day SMA.

Bitcoin price long-term forecast: bullish

On December 5, as reported by Coinidol.com, the altcoin climbed to a high of $104,000 before falling back below its previous high. 

Today, the BTC price has held above the recent high, reaching a high of $107,000. If the current positive trend continues, Bitcoin will reach a high of $115,000. The uptrend will continue to the high of $125,000. 

However, should the cryptocurrency value fall and break the 21-day SMA support, the bullish scenario will be nullified. Bitcoin will fall above the 50-day SMA or the $90,000 low. Bitcoin is currently worth $107,000.

Bitcoin indicator reading

The 50-day and 21-day SMAs are still moving in a northerly direction. The price bars have been continuously above the 21-day SMA. The moving average lines show a bullish crossover, indicating that the cryptocurrency will continue to rise. Buyers have defended the 21-day SMA support as Bitcoin seems poised to rise further.

Technical indicators:  

Resistance Levels – $80,000 and $100,000

Support Levels – $70,000 and $50,000

Which cryptocurrency section for BTC/USD?

Bitcoin's 4-hour chart shows that it has continued its uptrend, breaking through the $104,000 barrier. The price of the cryptocurrency fell and retested the $104,000 support level before resuming its uptrend. At the moment, the cryptocurrency has reached another barrier at $108,000. Bitcoin is trading between the $104,000 support and the $108,000 resistance level.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.