Bitcoin Falls To 100,000 Dollars Due To Fears Of A Crash

Cryptocurrency analysts of Coinidol.com report, the Bitcoin (BTC) price is currently sinking into the moving average lines after hitting resistance at $107,360.

Bitcoin price long-term forecast: bullish

Since the breakout on January 15, Bitcoin has been trading above the moving average lines but below the $108,000 resistance level. The largest cryptocurrency will resume its positive trend if it retraces and stays above the moving average lines. Bitcoin will rise to its previous highs of $108,000 and $109,000. In other words, the BTC price will bounce between the moving average lines and below the $108,000 resistance level. 

However, Bitcoin faces further losses if the negative trend breaks below the moving average lines. The cryptocurrency will then fall to its previous low of $90,000. 

Bitcoin price indicator analysis

Since January 15, the price bars have been above the moving average lines, but below the resistance level of $108,000. The cryptocurrency is unable to move above the existing barrier of $100,000. On the 4-hour chart, the price bars are below the moving average lines, indicating that the cryptocurrency is now bearish.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What's the next move for Bitcoin?

Bitcoin's 4-hour chart shows a sideways trend between the $100,000 and $108,000 price levels. The largest asset has already fallen to the psychological price of $100,000. Should the current support level be broken to the downside, Bitcoin will return to its low of $90,000.

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.