Bitcoin Begins Ascent But Faces The Barrier Of $68,000

The price of Bitcoin (BTC) has continued its upward trend after falling above the $64,000 support level on July 25.

Bitcoin price long-term forecast: bullish

Bitcoin reached a high of $68,479 on July 21 before falling back as reported by Coinidol.com. The correction has led to a further upward movement of the largest cryptocurrency. The Bitcoin price has continued its rise today, reaching a high of $67,100.

If the bulls overcome the resistance of $68,000, the cryptocurrency will rise to a high of $72,000.

However, if the bulls fail to break the $68,000 level, Bitcoin will fall and be forced to trade in an area above the moving average lines or the $64,000 support but below the $68,000 resistance level.

Bitcoin indicator reading

On July 25, a long candlestick tail points to the 50-day SMA support. There is strong buying pressure above the 50-day SMA support. The 4-hour chart of Bitcoin shows a sideways trend between $64,000 and $68,000.

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?

Bitcoin continues to trade within the bullish trend zone. On the 4-hour chart, the cryptocurrency has started to move within a trading range after the July 19 rise. The largest cryptocurrency is trading in a price range of $64,000 to $68,000. Bitcoin tested the $68,000 mark again, but failed to break through.

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.