Coinidol.com: Bitcoin Enters Consolidation Above $80,000

Bitcoin's (BTC) price has fallen below the 21-day SMA support after being rejected twice at the $94,000 high and the 50-day SMA barrier.

Bitcoin price long-term prediction: bearish

Bitcoin dropped to a low of $86,000 before resuming consolidation above this level. Since December 16, the cryptocurrency has been trading above the $86,000 support but below the 21-day SMA barrier.

On the downside, if sellers break below the current support, Bitcoin could fall below the previous low of $80,000. However, if BTC recovers and breaks above the 21-day SMA barrier, it could rise above the 50-day SMA or reach the $96,000 high. Bitcoin is currently at $88,377.

Technical indicators      

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

• Key demand zones: $100,000, $95,000, $90,000

Bitcoin price indicator analysis

The Bitcoin price has slipped below the horizontal moving average lines. Upward movement is hindered by the 21-day SMA barrier, as the BTC price risks falling to previous lows. On the 4-hour chart, the price bars also fall below the horizontal moving average lines. On December 17, the long candlestick wick indicates heavy selling pressure at the $90,000 high.

What is the next move for Bitcoin?

Bitcoin is moving sideways on the 4-hour chart. The cryptocurrency price is trading above the $84,000 support and below the $94,000 high. The Bitcoin price has slipped below the moving average lines and is oscillating above the current support. Doji candlesticks have formed as the price consolidates above the present support level of $86,000.

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.