Bitcoin Price Begins Upward Trend But Takes Up The Challenge

Bitcoin (BTC) is now trading above the moving average lines after a price rise on January 29. Bitcoin price analysis by Coinidol.com.

Long-term forecast for the Bitcoin price: bullish

The cryptocurrency has resumed its positive momentum. The largest cryptocurrency had previously fallen to a low of $38,572 on January 23, 2024. The bulls were on hand to buy the dips. Bitcoin then recovered and rose above the psychological price of $40,000. At the time of writing, Bitcoin is currently valued at $42,471.

If buyers break above the $44,000 resistance, the Bitcoin price will rise to a high of $45,920. Currently, the bullish scenario will be invalidated if the price of the cryptocurrency falls back below the moving average lines. The price of the cryptocurrency can rise as long as it is in the bullish trend zone.

Bitcoin indicator reading

The price increase on January 29, 2024 brought the Bitcoin price above the moving average lines. As a result, Bitcoin has the potential to rise again. The moving average lines are sloping upwards. In addition, Bitcoin has a bullish crossover where the 21-day SMA crosses above the 50-day SMA.

Technical indicators:

Key resistance levels – $35,000 and $40,000

Key support levels – $30,000 and $25,000

What is the next direction for BTC/USD?

Bitcoin has resumed its uptrend and reached a high of $43,775. The largest cryptocurrency faces its first challenge at $44,000. Once the resistance level of $44,000 is overcome, the cryptocurrency will resume its uptrend. Bitcoin will recover to its previous high of $47,000.

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.