Bitcoin Shoots Up And Exceeds The Previous High Of $71,500

May 21, 2024 at 20:34 // Price
Coin Idol

The price of Bitcoin (BTC) continues its upward trend, breaking above the moving average lines and retesting the 50-day SMA.

Long-term forecast for the Bitcoin price: bearish

On May 20, the altcoin rebounded from the 50-day SMA support and reached a high of $71,500. The price of the cryptocurrency is oscillating below its recent high. However, it is likely that the uptrend will carry the price to its high of $73,666.

However, should Bitcoin price fall from its record high, the largest cryptocurrency will trade in a range between $68,000 and $71,500. Bitcoin is currently trading above the psychological price level of $71,000. It is currently worth $70,117.

Bitcoin indicator reading

Following the current price rise, the price bars have risen above the moving average lines. The price bars are oscillating within the bullish trend zone. The price movement has remained stable, with Bitcoin remaining above its previous high.

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

BTCUSD (Daily Chart) –May 20.jpg

What is the next direction for BTC/USD?

Bitcoin is retesting the $71,000 support level and trading is resuming above this level. The market has reached bullish exhaustion and the cryptocurrency is consolidating above its current support. Doji candlesticks have formed at the recent high. The doji candlesticks show that traders are uncertain about the move.

BTCUSD (4-hour Chart) –May 20.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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