Bitcoin Remains Above $42,000 Due To Traders' Disinterest

The price of Bitcoin (BTC) has been in a downtrend range since the price drop on January 12, 2024.

Bitcoin price Long-term forecast: bearish

The largest cryptocurrency has stabilized after falling above the $41,500 support. Bitcoin has fluctuated between $41,500 and $43,600 over the past week. The value of the cryptocurrency today stands at $42,667. On January 16, 2024, the bullish momentum was rejected when the cryptocurrency fell below the moving average lines. The presence of doji candlesticks has limited the price movement within the range.

However, a price rise above the moving average lines will indicate the resumption of the uptrend. Bitcoin will return to its previous high of $48,000. Should the bears undercut the current support at $41,500, Bitcoin will fall further to a low of $40,000. In the meantime, Bitcoin is holding above the $42,000 level.

Bitcoin indicator reading

The largest cryptocurrency is trading in the downtrend zone, with price bars below the moving average lines. The cryptocurrency will try to fall as long as it is in the downtrend zone. On the daily chart, the moving average lines are still pointing upwards, reflecting the previous trend.

Technical indicators:

Key resistance levels – $35,000 and $40,000

Key support levels – $30,000 and $25,000

What is the next direction for BTC/USD?

Bitcoin is still trading above the $41,500 support. The price action has been limited by the Doji candlesticks. BTC prices are moving between $41,500 and $43,600. A rally or breakout will bring Bitcoin into the 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.com. Readers should do the research before investing in funds.