Coinidol.com: Bitcoin Risks Hitting the $53,000 Bottom Price

Bitcoin (BTC) fell to a low of $59,930 before recovering above the $68,000 support.

BTC price long-term prediction: bearish

The cryptocurrency has stalled above the $68,000 support level, but remains below the moving average lines. If bears break below the $68,000 support, Bitcoin could continue to fall towards its $53,000 bottom. If the current support holds, the largest cryptocurrency will likely trade in a range above $68,000 and below the moving average lines. Bitcoin would then resume its upward trend and target the next resistance at $90,000.

On the downside, Bitcoin is approaching oversold territory. At the time of writing, the BTC price is $68,944.

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 horizontal moving average lines are trending downward, indicating a decline. The 21-day SMA is moving below the 50-day SMA, confirming a downward trend. The price bars are positioned below the moving average lines, with the price trapped between two downward-sloping moving averages.

What is the next move for Bitcoin?

Bitcoin is rebounding after hitting a low of $59,930. The upward movement stalled at a peak of $72,300. On the 4-hour chart, the Bitcoin price is caught between the moving average lines. The upward trend was halted at the 50-day SMA. When the moving average lines are breached, the price of Bitcoin will establish a new trend.

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.