Coinidol.com: Bitcoin Halts Its Slide Above $60,000

Bitcoin (BTC) has fallen below its previous low of $60,000.

BTC Price Long-Term Prediction: Bearish

On June 5, the BTC price dropped to $59,200, but buyers stepped in.

Recently, the largest cryptocurrency fell to $60,100 on February 6, but buyers pushed the price up to $82,500. Bitcoin has now declined to $60,000.

Currently, the upward correction is capped below the $65,000 high. The cryptocurrency is trading above the $60,000 support level but below the $65,000 peak. Bitcoin will rise to the next resistance at $75,000 if buyers push the price above the $64,000 barrier.

Technical indicators            

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

• Key demand zones: $80,000, $75,000, $70,000 

BTC Price Indicator Analysis

The 21-day and 50-day moving average lines are sloping downward as cryptocurrency prices reach their lowest point. The 21-day SMA has fallen below the 50-day SMA, indicating a decline.

On the 4-hour chart, the cryptocurrency price is between two downward-sloping moving average lines. The BTC price is trapped between these moving averages, suggesting the cryptocurrency will move sideways.

What Is the Next Move for Bitcoin?

Bitcoin has paused its decline above the $60,000 support but remains below the $65,000 high. On the 4-hour chart, the upward move has been halted at $64,000. BTC is trading in a narrow range above the 21-day SMA support and below the $64,000 high. Selling pressure will resume if bears push the price below the 21-day SMA support or the $60,000 low.

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.