Bitcoin Returns To Over $90,000 And Maintains Its Rise

Bitcoin (BTC) price has bounced above the 21-day SMA support and below the $100,000 resistance.

Long-term forecast for the BTC price: bullish

The largest cryptocurrency is in a range that suggests an uptrend. Bitcoin falls today but recovers after retesting the 21-day SMA support. Bitcoin will rise above the $100,000 high if buyers hold the $90,000 low or the 21-day SMA support. A break above $100,000 will send Bitcoin to a high of $115,000. 

Conversely, selling pressure will return if the bears break below the 21-day SMA support. Bitcoin will drop to a low above the 50-day SMA or around $80,000. In the meantime, BTC price is trading in the middle of the price range waiting for further upside. Bitcoin is worth $96,079.

BTC indicator reading

The Bitcoin price bars are above the moving average lines. This allows the cryptocurrency value to continue its upward trend.

However, the 21-day SMA is close to the price bars, which could lead to a collapse of the cryptocurrency. The moving average lines are horizontal on the 4-hour chart. Doji candlesticks have returned, indicating that traders are concerned about Bitcoin's future.

Technical indicators:

Resistance Levels – $80,000 and $100,000

Support Levels – $70,000 and $50,000

What is the next move for BTC/USD?

Bitcoin is in a horizontal trend on the 4-hour chart as a result of its rise. The price bars are moving both below and above the moving average lines. Doji candlesticks have forced the price bars to remain above the $90,000 support. Bitcoin will rally if the current support holds.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.