Coinidol.com: Bitcoin Rises but Falters below $95,000

In the meantime, Bitcoin (BTC) is rising within a narrow range.

BTC price long-term prediction: bullish

Bitcoin's (BTC) price resumed its bullish ascent on December 2, breaking above the 21-day SMA. On December 5, the cryptocurrency retested the 21-day SMA support and continued its upward trend.

On the upside, Bitcoin is expected to reach the 50-day SMA barrier or the psychological level of $100,000. However, if the BTC price falls below the 50-day SMA, Bitcoin will decline and be forced to trade within a range below the recent high. The current BTC price is $92,833.

Technical indicators      

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

• Key demand zones: $100,000, $95,000, $90,000

Bitcoin price indicator analysis

Following the latest breakout, the BTC price has been trapped between the moving average lines. The cryptocurrency will fully rebound if buyers keep it above the 50-day SMA. On the 4-hour chart, the price bars are above the horizontal moving averages. Bitcoin will rise if the price remains above the moving average lines.

What is the next move for Bitcoin?

Bitcoin is steadily increasing but remains below the $94,000 barrier. Currently, the cryptocurrency is moving sideways, above the $85,000 support and below the $95,000 barrier. The recent high has slowed the upward movement, resulting in sideways trading. The extended candlestick wicks indicate heavy selling pressure at the recent top.

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.