Bitcoin Crashes As It Heads For The $80,000 Low Again

Bitcoin (BTC) price has been unable to continue its uptrend since it was halted at the $88,000 resistance.

Long-term forecast for the BTC price: bullish

Buyers have been desperately trying to break the 50-day SMA and the $88,000 level for the past four days. Bitcoin has fallen sharply today after being rejected at its recent high. Despite the rejection, Bitcoin is still trapped between the moving average lines. The largest cryptocurrency will drop to $80,000 if the downtrend falls below the 21-day SMA support.

However, Bitcoin will continue its uptrend if the 21-day SMA support holds. The cryptocurrency value will be trapped between the moving average lines. Bitcoin will rise to retest and break through the 50-day SMA and the $88,000 resistance. At the time of writing, Bitcoin has fallen to a low of $84,340.

BTC price indicator analysis

Bitcoin has fallen to $84,340 at the time of writing. Bitcoin has started to fall again. The price of BTC has fallen below the 50-day SMA but above the 21-day SMA support. If the largest cryptocurrency loses the 21-day SMA support, it will continue to fall. Bitcoin price has fallen below the moving average lines of the 4-hour chart, indicating the current decline.

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 Bitcoin? 

Bitcoin is again under selling pressure after being rejected at a high of $88,000. Bitcoin value is losing value as it is trapped between the moving average lines. The selling position will intensify if the bears break below the 21-day SMA. Bitcoin will return to the $80,000 support level. 

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.