Bitcoin Resumes Its Range But Holds Above $69,000

The price of Bitcoin (BTC) has dropped twice after reaching the $72,000 resistance level. Price analysis by Coinidol.com.

Long-term forecast for the Bitcoin price: bullish

On May 21, the cryptocurrency rose to a high of $71,922 before being rejected. The price of the cryptocurrency fell but remained above the 21-day SMA. On June 7, as reported by Coinidol.com, Bitcoin reached a high of $71,950 before being rejected again. Buyers have made two unsuccessful attempts to keep the price above the $72,000 level. On the bright side, buyers are hoping to push Bitcoin to the psychological price of $80,000.

On the downside, the slide has slowed and the cryptocurrency has found support above its 21-day SMA. The largest cryptocurrency is currently trading between its 21-day SMA and the $72,000 resistance level. Meanwhile, Bitcoin will fall if it loses its 21-day SMA support. BTC/USD could fall above the $66,000 low or the 50-day SMA support. Bitcoin is currently worth $69,474.

Bitcoin indicator reading

Today, Bitcoin bounces and finds support above the 21-day SMA. This is the second time Bitcoin has found support above the 21-day SMA after being rejected at the $70,000 mark. BTC price has resumed its uptrend and remains above the moving average lines. On the 4-hour chart, Bitcoin is trapped between the moving average lines, indicating a rangebound move for the cryptocurrency.

Technical indicators:

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

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

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin is trading sideways between $67,000 and $72,000. The bulls have tried three times to break through the resistance at $72,000 but were unsuccessful. Bitcoin has resumed its uptrend after the previous decline. Bitcoin has resumed its rangebound trend for a few more days.

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.