Bitcoin Price Is On The Rise And Climbs To $60,000 Level

The price of Bitcoin (BTC) has continued to rise after reaching the psychological milestone of $50,000. BTC price analysis by Coinidol.com on February 16, 2024.

Long-term forecast for the Bitcoin price: bullish

The price of the cryptocurrency tested the high of $50,000 for about 48 hours before breaking above it. The bulls broke through the current high and advanced to $52,884 before pulling back. Bitcoin is experiencing strong rejection at the $53,000 resistance zone. The price of the cryptocurrency has fallen and resumed its volatility below the $52,500 resistance level.

On the downside, the retracement above the $51,000 support has eased. If the current support level holds, the uptrend will continue. Bitcoin's next price target is a high of $60,000. If, on the other hand, Bitcoin continues to fall and drops below the psychological price level of $50,000, the market will fall significantly lower to $44,750.

Bitcoin indicator display

The BTC price bars have remained above the moving average line with the exception of the price drop on January 22. The uptrend will continue as long as the price bars remain above the moving average lines. In addition, Bitcoin has a bullish crossover that occurs when the 21-day SMA crosses above the 50-day SMA, signaling that traders should initiate buy orders.

Technical Indicators:

Key resistance levels – $45,000 and $40,000

Key support levels – $35,000 and $30,000

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin is in a steady uptrend. The largest cryptocurrency has stalled and is trading below the $52,500 resistance level. The cryptocurrency has been trading below its recent high for the past 48 hours, suggesting that it will continue to rise. Bitcoin is trading in a narrow range of $51,300 to $52,500.

Coinidol.com reported on February 12 that the largest cryptocurrency was trading above $42,850 before the recent surge. 

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.