Bitcoin Stabilizes, But Cannot Hold Above The High Of $52,000

Bitcoin is currently trading in a range and exceeds the psychological price threshold of $50,000. Price analysis by Coinidol.com.

Bitcoin price long term forecast: bullish

Bitcoin (BTC) price has started a sideways movement after reaching a high of $52,700 on February 15, 2024. The uptrend has reached bullish exhaustion, with buyers failing to sustain bullish momentum above the $52,000 high. The largest cryptocurrency has been trading in a limited range of $50,000 to $52,500 in anticipation of a possible trend. Bulls and bears are at odds over the direction of the market. Bitcoin is currently worth $51,228. The largest cryptocurrency will reach its price target of $60,000 if buyers break above the $52,000 mark.

On the other hand, selling pressure will increase again if Bitcoin falls back below the psychological price level of $50,000. This would result in the cryptocurrency reaching its previous low above the 21-day SMA or the $48,000 support.

Bitcoin indicator display

The BTC price bars are stabilizing above the moving average lines, indicating a possible upswing. On the 4-hour chart, the price bars are both below and above the moving average lines, indicating a sideways trend in cryptocurrencies. The presence of doji candlesticks has kept the price of the cryptocurrency steady.

Technical indicators:

Key resistance levels – $55,000 and $60,000

Key support levels – $45,000 and $40,000

What is the next direction for BTC/USD?

The Bitcoin price has been stable over the past week, hovering between $50,000 and $52,500, with doji candlesticks limiting further price movement in the cryptocurrency. Candlesticks describe the activity of buyers and sellers in relation to market direction. Bitcoin will develop based on the current resistance and support.

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 CoinIdol.com. Readers should do their research before investing in funds.