Bitcoin Price Recovers, But Rises Firmly Above $80,000

The price of Bitcoin (BTC) has risen again since its low of $78,617. BTC price analysis by Coinidol.com.

Bitcoin price long-term forecast: bearish

The bulls bought the losses and drove Bitcoin to its current high of $86,607. Bitcoin is rising and trying to break above the $90,000 mark. The largest cryptocurrency will return to its previous range of $90,000 to $102,000 after crossing the $90,000 milestone. 

On the other hand, if Bitcoin is rejected from the $90,000 mark, it will fall back to its low of over $80,000. In the meantime, Bitcoin continues its upward trend.

Analysis of the BTC indicator 

The lines of the horizontal moving average are heading south. The Bitcoin price is between the moving average lines on the 4-hour chart. This indicates that the cryptocurrency value will have to move within a fluctuation range for a few more days.

The long candlestick tail on February 28 indicates strong buying pressure above the $70,000 mark.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What is the next step for Bitcoin?

According to Coinidol.com, Bitcoin's decline has slowed above the $80,000 support. Bitcoin is trading between the moving average lines, the $80,000 support and the $90,000 resistance on the 4-hour chart. Bitcoin value is steadily rising when doji candlesticks are seen.

On February 22, Bitcoin was trying to break above the 50-day SMA and has resumed its uptrend, as Coinidol.com reported, the price of Bitcoin was at $96,736. 

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