Bitcoin Price Drifts Sideways Below The $97,500 Level

The price of Bitcoin (BTC) fails to reach the psychological price mark of $100,000 before falling.

Bitcoin price long-term prediction: bullish

Buyers have failed to maintain the good trend above $97,500. The largest cryptocurrency is fluctuating above the current support after falling above the $93,500 support.

Bitcoin price has stalled above the moving average lines while trading above the 21-day SMA support and below the resistance at $97,500.

On the upside, Bitcoin will rise above the $100,000 psychological price level if buyers break through the $97,500 barrier.

Conversely, Bitcoin will fall to the 50-day SMA or the $88,000 low if the bears break below the 21-day SMA support. In the meantime, Bitcoin is consolidating above $93,500 and the 21-day SMA support. Currently, the value of the largest cryptocurrency stands at $96,696.

Analysis of the BTC price indicators

The uptrend zone above the moving average lines is where Bitcoin is currently trading. There is a possibility that the cryptocurrency will continue to rise. A bullish sign is the rise of the 21-day SMA above the 50-day SMA. Bitcoin price is moving sideways, although the price bars on the 4-hour chart are oscillating above and below the moving average lines.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What is the next move for BTC?

According to Coinidol.com, Bitcoin is currently trading in the bullish trend zone. The Bitcoin has resumed its uptrend above $93,000 as it corrects higher. Bitcoin will resume its uptrend if the positive momentum breaks the $97,500 level.

On the 4-hour chart, Bitcoin is trading flat, with resistance at $98,000 and support at $93,500. Bitcoin rises when it breaks above the moving averages.

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.