Bitcoin Reaches A High Of $70,000 While Bears Are Unimpressed

Bitcoin price long-term forecast: bullish

The upward momentum could not sustain itself above the $70,000 mark. The cryptocurrency price was pushed back but has since resumed its uptrend above the current support. The market would rise to new highs of $75,000 and $80,000.

If buyers fail to break above the recent high, Bitcoin will be forced to trade sideways, above the moving average lines but below the $70,000 high. The current value of Bitcoin price at the time of writing is $68,376.

Bitcoin indicator display

Bitcoin price bars are dominated by doji candlesticks that bounce above the moving averages. The 21-day SMA serves as support and is located near the price bars. The uptrend will end when the price falls below the moving average lines.

Technical indicators:

Key resistance levels – $60,000 and $70,000

Key support levels – $50,000 and $40,000

What is the next direction for BTC/USD?

The largest cryptocurrency has crossed the psychological price threshold of $70,000. This will be the second time that the cryptocurrency price will retest its recent high. Bitcoin is currently selling between $60,000 and $70,000 after previously being rejected.

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.