Coinidol.com: Bitcoin Price Continues Its Slide

The price of Bitcoin (BTC) has remained above the $72,000 support level since May 28.

BTC Price Long-Term Prediction: Bearish

For the past five days, the cryptocurrency has been range-bound, staying above the $72,000 support and below the $75,000 high.

Buyers have failed to reclaim the $75,000 support level, resulting in sideways trading for Bitcoin. Buyers might have pushed the price above the moving average lines if they had regained the $75,000 support. If Bitcoin loses its current support, it could fall further to a low of $66,000. On June 2, BTC price is at $68,760.

Technical indicators

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

• Key demand zones: $80,000, $75,000, $70,000

Bitcoin Price Indicator Analysis

The 21-day and 50-day SMAs, which were previously rising, are now declining, and the cryptocurrency price has dropped below it. The 21-day and 50-day moving average lines have fallen sharply, indicating a downtrend on the 4-hour chart. Long candlestick tails pierce through $73,000, signalling significant buying pressure at the current support level.

What Is the Next Move for Bitcoin?

The 4-hour chart shows the BTC price trading in a narrow range and below the moving average lines and the resistance at $74,000. The 21-day SMA barrier has slowed the price's upward movement.

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.