Bitcoin Moves Sideways But Remains Stable Above $58,000

Bitcoin (BTC) prices are in an upward correction and moving sideways at the same time. Price analysis by Coinidol.com.

Long-term prediction of the Bitcoin price: fluctuating

Bitcoin's upward momentum has paused at a high of $60,730, with a retracement below the 50-day SMA. The largest cryptocurrency is trading above the 21-day SMA support but below the 50-day SMA resistance. The price of the cryptocurrency is trapped between the moving average lines with bulls and bears unable to make a breakout or breakout. 

Currently, Bitcoin price is rising as it approaches the 50-day SMA resistance level. Bitcoin will rise to $65,000 if the 50-day SMA resistance is broken. It will fall if the bears break below the 21-day SMA support. The cryptocurrency value will fall to a low of $55,000 or $52,000. Meanwhile, the value of Bitcoin stands at $59,315

BTC indicator reading

Bitcoin's price movement has been limited between the moving average lines. The largest cryptocurrency will resume its trend once it breaks below or above the moving average lines. The bulls have retested the 50-day SMA twice to keep the price above the moving average line. Bitcoin price will rise when it breaks above the moving average lines. The opposite is true when prices fall below the moving average lines.

Technical indicators:  

Resistance Levels – $70,000 and $80,000

Support Levels – $50,000 and $40,000

What is the next direction for BTC/USD?

Bitcoin's price action has been confined to the moving average lines. The 50-day SMA or resistance at $60,500 has put the brakes on the uptrend. The BTC price will fall within its range every time the resistance level is retested. It is currently unclear in which direction Bitcoin will develop. Meanwhile, the largest altcoin is forced to trade in a narrow range above the $58,000 support.

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.