Bitcoin Holds Above $101,000 And Continues To Soar

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price remains above $100,000 and has reached a high of $108,000.

Bitcoin price long-term forecast: bullish

The largest cryptocurrency is trading above the moving average lines and the $100,000 support but below the $108,000 high. Over the past 48 hours, the bulls have maintained their uptrend above the moving average line. Today, BTC price has retraced above the $101,000 level and is trading above the current support. If Bitcoin returns above the current support, it will rise to a high of $116,000. 

On the other hand, if the bears break the current support, Bitcoin will fall above the moving average line or to the previous area below the moving averages. 

Read Bitcoin indicator

Bitcoin is predicted to rise when the price bars cross the moving average lines. However, on January 20, a long candlestick wick points to the top of $109,000. The long candlestick indicates strong selling pressure at the $109,000 top. On the 4-hour chart, Bitcoin is trapped between the moving average lines, indicating that the cryptocurrency will move in a range.

Technical indicators:

Key resistance levels – $90,000 and $110,000

Key support levels – $70,000 and $50,000

What is the next move for BTC/USD?

On the 4-hour chart, Bitcoin is trading above the moving average lines, but the cryptocurrency has pulled back between these lines. This suggests that Bitcoin will remain in a trading range until the trend is determined.

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.