Coinidol.com: Bitcoin May Revisit Its Low of $84,000

The Bitcoin (BTC) price fell below the moving average lines, reaching a low of $86,045 before rebounding.

BTC price long-term prediction: bearish 

The largest cryptocurrency has slipped to a lower price range, remaining above the $84,000 support. Since November 21, Bitcoin has traded in a range above $84,000 and below the moving average lines, or the resistance at $94,000. Bitcoin is currently recovering after falling as low as $86,000. The BTC price is currently trading above the $86,000 support but remains below the moving average lines.

On the upside, the advancing trend may be rejected at the 50-day SMA or the resistance at $90,000. A rejection at the moving average lines will keep Bitcoin trading in a range above the $86,000 support and below the moving average lines. Bitcoin will surge to its previous high of $97,850 if buyers push the price above the moving average lines. Bitcoin is currently at $88,087.

Technical Indicators

• Key Resistance Zones: $700, $750, and $800

• Key Support Zones: $400, $350, and $300

BTC price indicator analysis 

The price bars remain below the horizontal moving average lines. The 21-day SMA has risen above the 50-day SMA support. The moving average lines on the 4-hour chart are sloping downward. The 21-day SMA is limiting the cryptocurrency's further upward movement. The price bars remain below the 21-day SMA level.

What is the next move for BTC?  

Bitcoin has fallen to its critical support level of $84,000. On the 4-hour chart, BTC has stalled above the $86,000 support and is fluctuating above this level but below the moving average lines. The 21-day SMA is acting as resistance to the upward trend. Bitcoin is declining towards the current support. On the downside, if the $86,000 support is breached, BTC may revisit its previous low of $80,000.

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.