Bitcoin Holds Firm Above $60,000 And Continues Its Range

The price of Bitcoin (BTC) has held above the psychological price level of $60,000 since the price drop on April 13, 2024.

Bitcoin price long-term forecast: bearish

Bulls are buying every dip to stay above the $60,000 support level. However, buyers have failed to keep the price above the moving averages over the past month. Any price rise above the 21-day SMA was stopped by the moving average lines. On May 10, the largest cryptocurrency retested the 21-day SMA and Bitcoin fell sharply to a low of $60,184. The bulls bought the dips as the market continued its uptrend.

On the upside, Bitcoin will resume its uptrend if buyers keep the price above the 50-day SMA or the barrier at $65,562. At the time of writing, Bitcoin is currently worth $61,819.

Bitcoin indicator reading

The moving average lines are still showing bearish crossovers as Bitcoin is holding above the current support. The 21-day SMA has continued to fend off further upward price movement. The uptrend will start when the price bars rise back above the moving average lines.

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

What is the next direction for BTC/USD?

Bitcoin is correcting higher as it retests the 21-day SMA resistance. If the recent high is surpassed and the uptrend continues, BTC price could reach the 50-day SMA high. Nonetheless, the cryptocurrency will maintain its range above the $600 support and below the moving average lines, with the 21-day SMA remaining unbroken.

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 their research before investing in funds.