Bitcoin Is Trading Above $67,300 And Is Ready For A Rise Or A Fall

Jun 01, 2024 at 22:28 // Price
Coin Idol
This is a critical support that will decide the upward or downward movement of the cryptocurrency

The price of Bitcoin (BTC) is trending downwards and sideways. Latest price analysis by

Bitcoin price long-term forecast: bullish

Bitcoin's slump was halted on May 31, when the price hit a low of $66,680. Interestingly, the largest cryptocurrency had already fallen to a low of $66,400 on May 23. The bulls bought the dips and continued their uptrend.

On May 27, buyers were deterred at the psychological mark of $70,000. The rejection of the recent high led to a price range of $66,400 to $70,000. On the downside, bears have pushed Bitcoin above the $66,000 support level and the 21-day moving average. The risks for BTC/USD will diminish if the bears break below the current support levels.

On the downside, Bitcoin will fall to a low of $63,196 if the bears succeed. However, the uptrend will start if the bulls defend the 21-day moving average line. Bitcoin will return to its previous high if the bulls overcome resistance at $70,000. Bitcoin is currently valued at $67,708 at the time of writing this article.

Bitcoin indicator reading

Bitcoin price has retraced above the 21-day moving average line. This is a critical support that will decide the upward or downward movement of the cryptocurrency. Now, the cryptocurrency price is above the 21-day moving average line. Selling pressure will increase again if the 21-day moving average line is broken.

Technical indicators:

Key resistance levels – $70,000 and $80,000

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

BTCUSD (Daily Chart) –May 31.jpg

What is the next direction for BTC/USD?

Bitcoin's 4-hour chart shows a retracement above the $67,000 support level. The bulls bought the dips, resulting in the current support being retested three times. Currently, the price of the cryptocurrency is consolidating above the current support level.

BTCUSD (4-hour Chart) –May 31.jpg

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 Readers should do their research before investing in funds.

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