Bitcoin Is In A Moderate Pullback And Is Aiming For A Rally Above $73,666

The price of Bitcoin (BTC) reaches the barrier of $71,922, marking the end of its upward momentum.

Long-term forecast for the Bitcoin price: bullish

According to the latest analysis by Coinidol.com, the largest cryptocurrency has also completed a modest pullback above $66,400 and is preparing for the second leg of its upward momentum. The retracement is expected to take Bitcoin back to its previous high of $73,666. Today, the BTC price is trading at $68,878 as it resumes its uptrend.

Should Bitcoin rise above and break through the $73,666 resistance level, it is expected to rise above the psychological price of $80,000. However, Bitcoin will fall if it fails to rise above its current high. Bitcoin price will initiate a sideways movement between $66,400 and $71,500. If the bears break below the moving averages, the downtrend will resume. Bitcoin will fall to support at $59,810.

Bitcoin indicator reading

Bitcoin's retracement has ended and the price bars have remained above the moving average lines. This indicates a continued uptrend for the cryptocurrency. However, the current uptrend will be broken if the price of the cryptocurrency falls below the moving average lines. Furthermore, the moving average lines form a bullish crossover as the 21-day SMA rises above the 50-day SMA.

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's 4-hour chart shows an end to the pullback and a return to upward momentum. The price of the cryptocurrency is trying to rise above the moving average lines. Bitcoin will return to its previous psychological high of $70,000. However, buyers will have a hard time overcoming the resistance at $73,666.

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.