Bitcoin Falters below the $70,000 Mark

Since March 27, the price of Bitcoin (BTC) has been confined to a narrow range above the $65,000 support level.

BTC price long-term prediction: ranging

The moving average lines have rejected bullish momentum, keeping Bitcoin trading above the $65,000 support. The Bitcoin price is now below the moving average lines but remains above the $65,000 support level.

Today, BTC is rising steadily, but price movement has remained stagnant below the moving average lines due to the formation of Doji candlesticks. Bitcoin will reach a high of $75,000 if buyers push the price above the moving average lines. The largest cryptocurrency will fall back to the $60,000 level if it loses its current support.

Technical indicators

• Key supply zones: $120,000, $125,000, $130,000

• Key demand zones: $70,000, $65,000, $60,000 

BTC price indicator analysis

The Bitcoin price is below the horizontal 21-day SMA and 50-day SMA support. The price is increasing and retesting the moving average lines.

On the 4-hour chart, the crypto price has surged above the downward-sloping moving averages. The BTC price will continue to rise as long as it remains above the moving averages.

What is the next move for Bitcoin?

Bitcoin's decline has stalled above the $66,000 support level on the 4-hour chart. The cryptocurrency is bouncing above the $66,000 support and below the moving average lines, or the resistance at $70,000. The price has just dropped after approaching the $70,000 resistance zone for the third time. Bitcoin will continue its sideways movement towards the $70,000 threshold.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.