Bitcoin Falls Rapidly At The $88,560 Level Before Recovering

The price of Bitcoin (BTC) has remained between $80,000 and $87,500.

BTC price long-term forecast: bullish

The Bitcoin price rose above the moving average lines on April 2 and then abruptly fell below them. The bullish momentum on the daily chart was halted at the 50-day SMA resistance of $88,561.

Today, the BTC price fell to a low of $82,673 but has held above the key support.

On the weekly chart, Bitcoin is between the moving average lines. The BTC price is above the critical support level of $80,000 and the 21-day simple moving average. However, if the bears break the $80,000 support, Bitcoin will drop to the 21-day SMA or the $76,500 low.

On the other hand, if the buyers push the price above the 21-day SMA, Bitcoin will rise to $100,000. Currently, the value of Bitcoin stands at $81,869.

Analysis of the BTC price indicators

On the weekly chart, the Bitcoin price is trapped between the moving average lines. This means that Bitcoin will be forced to move in a range between the moving average lines. The moving average lines are sloping north, indicating a past rise.

On the daily chart, the price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What is the next move for Bitcoin?

According to Coinidol.com, Bitcoin has confined itself to the moving average lines. The largest cryptocurrency will continue to move within its current restriction for a few more days.

Bitcoin will perform after the 21-day and 50-day SMA boundaries are broken. Bitcoin is currently trading just above the critical support level of $80,000.

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.