Bitcoin Stops Below $70,000 Due To Further Rejections

The price of Bitcoin (BTC) has entered a sideways trend after failing to break above resistance at $73,666. Price analysis by Coinidol.com.

Bitcoin price long-term forecast: bullish

The bears successfully broke through the 21-day SMA support twice, sending Bitcoin lower, but the bulls bought the dips. The largest cryptocurrency recovered above the 21-day SMA twice and started a sideways movement. The price barrier of $70,000 and $72,000 further restricts the uptrend.

On the downside, Bitcoin could fall if the bears break below the 50-day SMA or the $63,000 support. The cryptocurrency would then fall to a low of $51,000. Meanwhile, Bitcoin is trading at prices between $63,000 and $72,000. The value of the cryptocurrency currently stands at $69,524 (as at the editorial deadline). 

Bitcoin indicator reading

The BTC price has risen twice above the 21-day SMA, which was previously trapped between the moving average lines. The emergence of doji candles represents traders who are uncertain about the direction of the market.

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?

Bitcoin is in a sideways trend on the 4-hour chart. The cryptocurrency is currently trading between $64,500 and $72,000. Buyers have tried unsuccessfully three times to break through resistance at $72,000 but were beaten back. Bitcoin continued to fall below the moving average lines, although the upward correction was halted below the $70,000 high.

Coinidol.com reported on April 4 that after the rejection, BTC was forced to move within a price range of $60,000 to $72,000.  

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.