Coinidol.com: Bitcoin Slumps Below the $68,000 Barrier

Bitcoin's (BTC) price has fallen below the moving average lines but remains above the $65,000 support level.

BTC price long-term prediction: ranging

Since March 27, the largest cryptocurrency has traded above the $65,000 support and below the moving average lines. The BTC price is consolidating above this support as Doji candlesticks appear. The presence of a Doji candlestick has limited price movement.

However, if the BTC price recovers and breaks above the moving average lines, Bitcoin will resume its upward trend, potentially reaching the next high of $76,000. If the BTC price loses its current support, it will fall back to its critical support level of $60,000. At the time of writing, the price of one Bitcoin is $66,744.

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 price of Bitcoin has dropped below the horizontal moving average lines, while the 21-day SMA remains above the 50-day SMA, indicating a previous price increase. The 4-hour chart shows the cryptocurrency price below the downward-sloping moving average lines, reflecting the current decline. At present, the rising trend is confined between the moving average lines.

What is the next move for Bitcoin?

Following a recent price increase, Bitcoin's price remains below the $68,000 barrier. The 4-hour chart shows BTC trading in a narrow range above the $65,000 support but below the moving average lines. The upward trend has broken the 21-day SMA barrier, although it remains below the $68,000 resistance level. Bitcoin's bullish movement will continue once it breaks above the $68,000 resistance level and the 50-day SMA barrier.

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.