Bitcoin Rolls Over Again After Surpassing $100,000 Before Corrections

Cryptocurrency analysts of Coinidol.com report, the price of Bitcoin (BTC) continued to rise and surpassed the psychological $100,000 mark before facing corrections again.

Bitcoin price long-term forecast: bullish

The largest cryptocurrency is currently rolled back to $93,840. 

The Bitcoin price has suffered a setback after reaching a high of $102,760. 

Now, if the BTC price retraces and stays above the $100,000 support level, it will resume trading. Bitcoin will rise and test its previous high of $108,100. If the resistance level of $108,100 is broken, the cryptocurrency will rise to $122,000. Bitcoin will be forced to trade within a range if the bullish scenario proves false. The cryptocurrency is trading above the moving average lines but below the $100,000 high. Bitcoin is currently worth $93,840.

Bitcoin indicator reading

The price bars for Bitcoin remain above the moving average lines as it continues to rise. The moving average lines are trending upwards, indicating an uptrend. On the 4-hour chart, the moving average lines are forming a bullish crossover, which is a bullish sign. The bullish momentum is meeting resistance at the recent high.

Technical indicators:  

Key resistance levels – $90,000 and $110,000

Key support levels – $70,000 and $50,000

What is the next move for BTC/USD?

Bitcoin returns to its previous high. Yesterday, the largest cryptocurrency climbed to a high of $102,560. Today, the BTC price is in a small retracement, with the potential to resume the rise after the correction. It is predicted that the cryptocurrency value will reach its previous high of $108,100. In the meantime, the cryptocurrency has fallen back to the psychological price of $100,000.

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.