Bitcoin Rises And Tries To Recapture The 100,000 Dollar Mark

Cryptocurrency analysts of Coinidol.com report, the price of Bitcoin (BTC) has started its uptrend and is steadily rising above the moving average lines.

Bitcoin price long-term forecast: bullish

On December 30, the Bitcoin price had already dropped to $91,696 when the bulls bought the dips. Buyers defended the psychological price of $90,000 as Bitcoin regained positive momentum. Bitcoin is predicted to rise above the moving averages. If the bulls break through the $100,000 mark, the upward momentum will continue to the previous high of $108,000. However, if the buyers fail to sustain the price above the $100,000 mark, Bitcoin will fall but will be forced to move between the $90,000 support and the $100,000 resistance level. In the meantime, Bitcoin is currently worth $99,480.

Bitcoin indicator reading

The price of Bitcoin (BTC) rises when the price bars return above the moving average lines. However, the doji candlesticks remain there, so the price movement is gradual. The 4-hour chart shows an upward moving average, indicating an uptrend. Bitcoin has a bullish crossover where the 21-day SMA is above the 50-day SMA, which is a bullish signal.

Technical indicators:

Key resistance levels – $90,000 and $110,000

Key support levels – $70,000 and $50,000

Which cryptocurrency section for BTC/USD?

Bitcoin is trading above the moving average lines but below the $100,000 resistance level. On the 4-hour chart, BTC price tested the $100,000 high twice but was rejected. Today, the price of the largest cryptocurrency is rising, reaching the recent high for the third time.

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.