Bitcoin Stabilizes Above $90,000 And Continues Its Rise

The Bitcoin (BTC) price has entered a range after failing to break through the psychological price barrier of $100,000.

Bitcoin price long-term forecast: bullish

BTC is trading between the low of $90,000 and the resistance level of $100,000. As reported by Coindol.com, since November 22, neither the bulls nor the bears have broken the boundaries of the trading range. The price movement was slowed by the appearance of doji candles.

On November 29, the uptrend was halted when it reached the 100,000-dollar resistance level. The cryptocurrency is currently trading just below this mark. Bitcoin is currently worth $96,967.

BTC indicator reading

Bitcoin has found support above the 21-day SMA. After the previous drop, Bitcoin resumed its uptrend after rising above the 21-day SMA. 

However, should the bears drop below the 21-day SMA, Bitcoin would come under renewed selling pressure. The cryptocurrency value will rise above the 50-day simple moving average or the low at $80,000. Buyers defend the existing support to keep the price above the 21-day SMA.

Technical indicators:  

Major Resistance Levels – $80,000 and $100,000

Major Support Levels – $70,000 and $50,000

Which cryptocurrency range for BTC/USD?

Bitcoin is in a sideways trend on the 4-hour chart after the uptrend came to an end at the $100,000 resistance level. The price action shows few bodies, indecisive candles. This explains why buyers and sellers are unsure of what's next for the cryptocurrency. Bitcoin price gradually rises above the $90,000 support level.

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.