Bitcoin Rises Again, But Faces The $70,000 Barrier

The price of Bitcoin (BTC) continues to rise, but is coming up against obstacles at the psychological price threshold of $70,000. Price analysis by Coinidol.com.

Long-term forecast for the Bitcoin price: bullish

On March 4, the largest cryptocurrency climbed to a high of $68,577 before being pushed back. The correction was short-lived as bulls bought on dips. On March 5, buyers drove the Bitcoin price to a high of $69,210, resulting in a significant setback. The Bitcoin price fell to a low of $59,008, but quickly recovered. Bitcoin is currently valued at $66,267.

BTC has been trading below its recent high for the past 48 hours, indicating an imminent uptrend. According to price predictions, Bitcoin will rise to a high of $75,000 if the current resistance is broken. However, it is likely to fall if the bears drop below the $59,000 support level.

Bitcoin indicator reading

On the 4-hour chart, the cryptocurrency's price bars returned above the moving average lines as the bulls bought the dips, indicating a potential rise in BTC price. On March 5, the long candlestick tail indicates significant buying at the lower price level.

Technical indicators:

Key resistance levels – $60,000 and $70,000

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

What is the next direction for BTC/USD?

Bitcoin has recovered from its slide above the $59,000 support and has risen to a high of $67,645. The price of the cryptocurrency is hovering between $59,000 and $70,000. The cryptocurrency will skyrocket once buyers break above the current highs. In the meantime, the Bitcoin price is retesting the recent high and continuing its upward 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 their research before investing in funds.