Bitcoin Continues Its Steady Rise And Aims For The $80,000 Level

The price of Bitcoin (BTC) has risen steadily since reaching the psychological price level of $70,000. Price analysis by Coinidol.com.

Long-term forecast for the Bitcoin price: bullish

Since March 4, the largest cryptocurrency has been moving sideways after reaching a high of $68,577.

On March 8, the cryptocurrency rose to a high of $70,000 before falling well above the $68,000 support level. The Bitcoin price has broken through the range between $68,000 and $70,000.

On March 11, the bulls gained the upper hand as Bitcoin rose above the psychological price of $70,000.

Today, the bullish momentum has reached a high of $73,006 at the time of writing. Bitcoin is expected to reach highs of $76,000 and $80,000 in the near future. 

Bitcoin indicator reading

The price bars have remained consistently above the upward moving average lines. On the 4-hour chart, the price of the cryptocurrency consolidated above the 21-day SMA before rising again on March 11. This price rise allowed Bitcoin to reach a new high above $70,000. The current rise could come to an end if the 21-day SMA is broken.

Technical indicators:

Key resistance levels – $60,000 and $70,000

Key support levels – $50,000 and $40,000

What is the next direction for BTC/USD?

After a price increase on March 11, 2024, Bitcoin has risen above the $73,000 mark. According to the price indicator, Bitcoin is expected to reach a high of $81,033. This is due to the retracement on March 5, when the bulls bought the dips and the cryptocurrency fell to a low of $59,008 at that time.

Coinidol.com reported on March 9 that BTC price has been on an incredible uptrend, rising to a high of $70,184. 

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