Bitcoin Is Trading Slightly Below $60,000 And Risks A Further Decline

Bitcoin (BTC) price has started a range-bound move after rebounding above the $53,000 support.

Bitcoin price long term forecast: bearish

On August 5, as reported by Coinidol.com, the largest cryptocurrency fell to a low of $49,130, but bulls took advantage of the dip. Bitcoin has corrected upwards but was stopped by the moving average lines or the barrier at $63,000. The rebound has pushed it back to the middle of the price range. 

The cryptocurrency is now above the $53,000 support and below the $63,000 resistance level. Bitcoin will be trapped in its range for a few days. If buyers keep the price above the moving average lines, the cryptocurrency will resume its positive trend. The largest cryptocurrency will rise and return to the psychological price threshold of $70,000. 

On the other hand, a further decline of the cryptocurrency is unlikely as Bitcoin is moving in a range. Bitcoin is currently valued at $59,358.

Technical indicators:  

Key Resistance Levels – $70,000 and $80,000

Key Support Levels – $50,000 and $40,000

Bitcoin indicator reading

The price bars have slipped below the moving average lines as buyers have failed to sustain their bullish momentum above these lines. The price slide has paused above the $53,000 support level as Bitcoin pulls back to begin a range-bound rise.

On the 4-hour chart, the BTC price lies between the moving average lines, which indicates a fluctuating movement of the cryptocurrency.

What is the next direction for BTC/USD?

Bitcoin has started to fluctuate after failing to break through the $63,000 resistance level. The 4-hour chart of Bitcoin shows a retracement to a narrow price range between the moving average lines. In other words, Bitcoin is currently moving between $58,000 and $60,000. Doji candlesticks have formed, causing Bitcoin to trade modestly.

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.