Coinidol.com: Bitcoin Rises but Fails to Surpass $70,000

The price of Bitcoin (BTC) has resumed its bullish ascent above the 21-day SMA barrier for the second time.

Bitcoin price long-term prediction: bullish

On March 2, buyers pushed the price above the 21-day SMA support, but bullish momentum encountered resistance at $74,000. BTC then dipped below the moving average lines, but has since returned above the 21-day SMA support.

If buyers overcome resistance at $74,000 and the 50-day SMA barrier, Bitcoin could reach a high of $90,000. If Bitcoin fails to break through the recent barrier, it will likely continue to fluctuate within a range above the $60,000 support and below the $75,000 high. Today, the BTC price is $69,550.

Technical indicators      

• Key supply zones: $120,000, $125,000, $130,000

• Key demand zones: $90,000, $85,000, $80,000

BTC price indicator analysis

The Bitcoin price is trading above the 21-day SMA support but below the 50-day SMA barrier. The downward-sloping moving average lines are horizontal, indicating a sideways trend. On the 4-hour chart, the price bars are above the horizontal moving averages. Since February 5, the price has fluctuated both below and above the moving average lines.

What is the next move for BTC?

Bitcoin's price has regained upward momentum, but it remains range-bound above the $65,000 support level.

On the 4-hour chart, BTC is trading above $65,000 but below the $75,000 high. The price has reclaimed a position above the moving average lines, but positive momentum is encountering initial resistance near $70,000. As Doji candlesticks appeared, the price movement remained motionless.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.