Bitcoin Rises, But Encounters A First Obstacle At $84,000

The price of Bitcoin (BTC) has fallen sharply to the expected level of $80,336.10.  BTC price analysis by Coinidol.com.

BTC price long-term prediction: bearish

However, since March 10, the Bitcoin price has been above the support level of $77,500 but below the resistance level of $85,000. 

Bitcoin is in a downtrend after an upward correction within a trading range. The 21-day SMA barrier has hindered the upside moves. If Bitcoin falls below the current support level at $77,500, selling pressure will increase again. The downtrend will continue until it reaches the $73,500 level.

However, if the support at $77,500 holds, the largest cryptocurrency will rise again and hit the moving average lines after the first obstacle at $85,000, as Coinidol.com reports. 

BTC price indicator analysis 

On the 4-hour chart, the horizontal moving average lines indicate the current sideways trend. The bearish crossover indicates a bearish signal that has faded above the $77,500 support. The horizontal moving average lines are above the downward sloping price bars.

Technical indicators

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

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

What is the next move for BTC?

The largest cryptocurrency rose above the $80,000 support as speculators purchased the dips. Even if Bitcoin rises, it is running into an early roadblock at the market's peak of $84,000. The upward momentum has surpassed the 21-day SMA on the 4-hour chart. The 50-day SMA's high is probably where the bullish trend will continue. The bullish trend will continue if the moving average lines are broken above.

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.