Bitcoin Continues Its Upward Trend, But Faces A Barrier At $29,200

May 04, 2023 at 10:08 // Price
Coin Idol
If the current resistance levels are broken, Bitcoin's momentum will pick up again

The price of Bitcoin (BTC) is rising as buyers try to keep the price above the moving average lines.

Bitcoin price long term forecast: bullish

The obstacle at $29,200 is hindering Bitcoin's bullish momentum. At press time, the BTC price was at $29,066. If the recent high is rejected, the largest cryptocurrency will return to the range bound zone or support at $28,000. However, if the current uptrend continues above $29,200, the BTC price will rise above the psychological price level of $30,000. In the meantime, the BTC price is hovering below the $29,200 resistance level.

Bitcoin indicator display

Bitcoin is at level 53 on the Relative Strength Index for period 14. The uptrend zone has been reached by the cryptocurrency. The uptrend zone has the potential for further upward movement. The upward movement could be accelerated by the position of the price bar just above the moving average lines. However, the daily stochastic shows that the BTC price has moved into an overbought area of the market. It is above the stochastic level of 80 on the daily basis. However, the recent high could put selling pressure on the current positive momentum.

BTCUSD_(Daily Chart) – May 4.23.jpg

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What does the next direction look like for BTC/USD?

The largest cryptocurrency is rising above the 21-day line SMA in an uptrend. Since the drop on April 21, the BTC price has crossed the moving average lines twice. At the $30,000 high, the uptrend encountered resistance. Moreover, the upper limit was lowered to a low of $29,200. If the current resistance levels are broken, Bitcoin's momentum will pick up again.

BTCUSD_(4 –Hour Chart) - May 4.23.jpg

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. Readers should do their research before investing in funds.

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