Bitcoin Fluctuates At Lower Levels While Waiting For Strong Demand

Bitcoin (BTC) price has started a range-bound move after falling below the moving average lines. BTC price analysis by Coinidol.com.

Long-term prediction of the Bitcoin price: fluctuation

The largest cryptocurrency has recovered twice after falling below the psychological threshold of $60,000. The Bitcoin price has remained constant between $60,500 and $66,000. The cryptocurrency is currently worth $64,119.

On the upside, Bitcoin will rally to its previous high of $73,666 if buyers keep the price above the moving average lines or the $68,500 resistance level. Bitcoin will fall if the bears drop below the current support level of $60,500. In this case, Bitcoin will fall to a low of $51,500.

However, the long candlestick tails are signalling significant buying pressure at the $60,500 support. In the meantime, Bitcoin continues to oscillate within its narrow trading range.

Bitcoin indicator reading

After the price decline on April 13, Bitcoin has maintained its range-bound movement above the $60,500 support. On the 4-hour chart, the price bars are now between the moving average lines. This indicates that Bitcoin will continue to fluctuate within its range.

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's next move is unpredictable as the cryptocurrency maintains its range-bound movement. Currently, the BTC price has risen and retested the $66,000 resistance level twice but was rejected. The cryptocurrency is trading in the middle of its price range. The initial barrier of $66,000 may be breached if the cryptocurrency rises above the current support. The cryptocurrency will recover to its previous highs of $70,000 and $73,000.

Coinidol.com reported previously that buyers were rejected on April 14, 2024 when they tried to hold the price above the moving average lines or the $66,000 resistance level.  

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.