Bitcoin Continues Its Uptrend Above $84,000

The price of Bitcoin (BTC) broke through the 21-day SMA twice before continuing its uptrend.

Bitcoin price long-term prediction: bullish 

After breaking the 21-day SMA barrier on March 19 and falling below it, the bulls overcame the bears on March 23 and Bitcoin continued its uptrend. Bitcoin will continue to rise to the highs of $95,000 and $100,000 if the bulls break above the 50-day SMA. It will fall to the 21-day SMA low if they turn away from the 50-day SMA barrier, as Coinidol.com reports.

Nevertheless, Bitcoin could rise to retest the 50-day SMA if the 21-day SMA support holds. However, Bitcoin will fall and retest the previous low of $80,000 if the bears fall below the 21-day SMA support. Bitcoin is currently rising despite being wedged between the moving average lines.

BTC price indicator analysis 

BTC price is above the 21-day SMA but below the 50-day SMA barrier, indicating that it has risen and broken through the 21-day SMA. When the thresholds of the 21-day SMA and the 50-day SMA are broken, the trend can be identified. The uptrend is indicated by the moving average lines on the 4-hour chart sloping northwards.

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?

The 4-hour chart shows that Bitcoin is in an uptrend as the BTC price has been making a series of higher highs and higher lows. Bitcoin has been steadily rising as the price bars are marked by doji candlesticks. The rising trend hits a barrier at $90,000.

However, Bitcoin will remain trapped between the moving average lines if it is rejected at the recent high.

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.