Bitcoin Bounces Back In Its Attempt To Reach The $70,000 Mark

The price of Bitcoin (BTC) has completed its retreat and remains above the $67,000 support.

Long-term forecast for the Bitcoin price: bullish

On May 21, the cryptocurrency peaked at $71,922. Bitcoin was rejected at the $72,000 resistance zone. Since March 25, buyers have made three unsuccessful attempts to keep the price above the $72,000 mark. Bitcoin has turned around and found support above $67,000 and the 21-day SMA. The cryptocurrency is inching closer and closer to its previous high of $72,000.

If buyers overcome the resistance at $72,000, Bitcoin will rise to a high of $78,998. However, the upside scenario will be refuted if Bitcoin falls back below the moving average lines. There is a chance that Bitcoin will fall to a level above $64,000. BTC/USD is currently worth $68,710.

Bitcoin indicator reading

Bitcoin is rising as the price bars remain above the moving average lines. The upward movement of the cryptocurrency has begun as it is still in the uptrend zone. If the price bars are below the moving average lines, the cryptocurrency will try to crash. The bullish crossover has remained intact despite a decline above it.

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?

After the price rise and subsequent slump, Bitcoin is currently trading between $67,000 and $72,000. The cryptocurrency will perform once the range is broken. After the recent pullback, the upward movement is encountering initial resistance at the psychological price level of $70,000. If this resistance is not broken, Bitcoin will be forced into a range-bound movement.

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.