Bitcoin Maintains Horizontal Trend And Remains Above $58,000

The Bitcoin (BTC) price has returned to the downtrend zone after failing to maintain positive momentum above the $65,000 mark.

BTC price long-term prediction: bullish

Today, the largest cryptocurrency has fallen below the moving average lines, reaching a low of $58,200. The decline was halted above $58,000 as Bitcoin has started to trade sideways above the current support level. In other words, Bitcoin is trading above the $57,000 support but below the $65,000 level. 

However, BTC will trend once the boundaries of the trading range are broken. For example, if the bears break the current support of $57,000, the market will fall to its previous low of $49,000.

BTC price indicator reading

On August 27, Bitcoin quickly fell below the moving average lines after being rejected at $65,000. Now the largest cryptocurrency is currently trading below the moving average lines. The selling pressure would return if the cryptocurrency were to be rejected from the 21-day SMA barrier.

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?

Following the recent price collapse, Bitcoin is currently moving sideways. Since its slump on 27 August, the Bitcoin price has stabilized above the current support at $58,000, but below the moving average lines. Bitcoin will fall further to $55,000 if it breaks the current support of $58,000.

Coinidol.com reported previously that on August 21, the bulls had the upper hand as the cryptocurrency price broke above the moving average lines. And on August 23, the cryptocurrency price reached a high of $65,074. 

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.