Coinidol.com: Bitcoin Continues Its Hold above $60,000

The Bitcoin (BTC) price rose to a high of $67,259 before being repulsed.

BTC Price Long-Term Prediction: Ranging

Since June 6, the largest cryptocurrency has remained in a range above the $60,000 support but below the moving average lines. The 21-day SMA barrier has twice resisted the price upward trend. Buyers are still battling to move the price above the 21-day SMA. On the upside, if buyers break through the 21-day SMA barrier, Bitcoin will rise toward its $72,000 high.

However, if the BTC price falls below the 21-day SMA barrier, the cryptocurrency will revert to its existing support level above $60,000.

Now, the BTC price has fallen below the 21-day SMA level. The upward trend will restart whenever the price breaks above the 21-day SMA high. 

Technical indicators

• Key supply zones: $120,000, $125,000, $130,000

• Key demand zones: $80,000, $75,000, $70,000  

Bitcoin Price Indicator Analysis

The Bitcoin price is below the downward-sloping moving average lines. The 21-day SMA barrier has halted the upward trend.

On the 4-hour chart, the Bitcoin price fluctuates  below and above the horizontal moving average lines. Today, the Bitcoin price is below the moving average lines after being caught between them.

What Is the Next Move for Bitcoin?

Bitcoin has continued to trade sideways after buyers failed to push the price beyond the $68,000 high. The cryptocurrency price has continued its drop, returning to critical support above the $60,000 level.

The sideways trend will continue as Bitcoin declines and finds support above the $60,000 level. The lengthy candlestick tails above the $60,000 low imply significant buying above the present support level.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.