Bitcoin Recovers Above $16,000 And Continues Its Sideways Movement

Bitcoin (BTC) price is falling below the moving average lines. The BTC price hits a low of $16,057 today before rising again.

Bitcoin price long term forecast: bearish

Since November 22, the largest cryptocurrency has only been able to trade in a narrow range. The cryptocurrency's price has remained relatively stable between $16,000 and $17,200. A price recovery or collapse is likely as the BTC price consolidates in a limited range. If Bitcoin recovers, the uptrend will likely carry it above the $17,200 and $18,000 resistance levels. The uptrend will continue until it reaches the symbolic milestone of $20,000. Should sellers break through the $16,000 level, bearish momentum will increase and eventually threaten current support at $15,500. A break below the $15,500 support would signal the resumption of the downtrend

Bitcoin indicator display 

Bitcoin is at level 31 on the 14-period Relative Strength Index. It is currently in downtrend territory and could fall further. The price bars are below the moving average lines, indicating a further decline. The stochastic on the daily chart is below the 50 level, which shows the bearish momentum of Bitcoin

Technical Indicators 

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD? 

Bitcoin (BTC) price is moving sideways while consolidating above the $16,000 support level. The largest cryptocurrency is now trading between $15,588 and $17,000. When the fluctuation range is broken, Bitcoin will develop a trend.

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. Readers should do their research before investing in funds.