Bitcoin Reaches The $63,400 Low And Starts A Range-Bound Move

The price of Bitcoin (BTC) fell sharply when it reached the psychological price of $70,000. Price analysis by Coinidol.com.

Bitcoin price long-term prediction: bullish

On July 29, the Bitcoin price rose to a high of $70,016 but failed to maintain its positive momentum and fell to a low of $63,869.

The selling pressure has come to a halt between the moving averages. The price of the cryptocurrency is below the 21-day SMA but above the 50-day SMA. Should the bears break the 50-day SMA support, the price slide will reach a low of $62,000. BTC will be forced to move in a range between the moving average and the 50-day SMA support. In other words, Bitcoin will trade in the price range of $63,000 to $65,500.

BTC price indicator reading

After the current downturn, Bitcoin is trapped between the moving average lines. The decline has stabilized above the 50-day SMA support. Bitcoin's value will fall if the 50-day SMA support is breached.

Technical indicators:  

Key Resistance Levels – $70,000 and $80,000

Key Support Levels – $50,000 and $40,000

What is the next direction for BTC/USD?

Now Bitcoin will be forced to move between the moving average lines. On the upside, if buyers maintain the price above the 21-day SMA, the market will resume its positive trend. If the 50-day SMA is violated, Bitcoin will fall even more.

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.