Bitcoin Fluctuates Trying To Jump To The High Of $48,000

The Bitcoin (BTC) price is attempting to retest or break through the $45,000 mark. Coinidol.com bringing the latest analysis of cryptocurrency price.

Bitcoin price long term prediction: bullish

Bitcoin (BTC) has maintained its positive trend zone above the 21-day SMA support. In other words, the largest cryptocurrency has remained above the psychological price threshold of $40,000 but has not been able to surpass the high of $45,000. At the time of writing, Bitcoin's value stands at $42,951.

Analysts believe that once the current resistance is broken, Bitcoin will rise to a high of $48,000. The bears retested the psychological price barrier of $40,000 on December 11, but the bulls bought the dips. The uptrend is currently encountering initial resistance at the highs of $43,000 and $44,699. The largest cryptocurrency will continue to oscillate between $40,200 and $45,000 if buyers fail to keep the price above the recent high.

Bitcoin indicator reading

Bitcoin will remain in a trading range as long as the price bars on the 4-hour chart are between the moving average lines. The bulls have maintained the current trend by keeping the price bars above the moving average lines. BTC price has maintained its uptrend and remains above the 21-day simple moving average.

Technical indicators:

Key resistance levels – $35,000 and $40,000

Key support levels – $30,000 and $25,000

What is the next direction for BTC/USD?

After the upswing ended on December 5, the price has held steady between $40,200 and $45,000. The price of the cryptocurrency is rising as it approaches the recent high. Bitcoin will continue to move within its limited trading range as long as it does not move above the range level.

Coinidol.com reported that on December 8, Bitcoin was rejected at a high of $44,699 after failing to break above the $45,000 mark. 

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.com. Readers should do the research before investing in funds.