Bitcoin Price Fights Against The $110,000 Level

The Bitcoin (BTC) price has held above the support level of $108,000. The largest cryptocurrency had risen to a high of $110,700 before its fall.

Bitcoin price long-term prediction: bullish

Today, the bullish momentum has started to retest or break through the $110,000 level, as reported by Coinidol.com. If the bulls break through $110,000, Bitcoin will rise to a high of $115,000. The positive momentum will continue until the $120,000 mark is reached.

On the downside, the bulls have prevented Bitcoin from falling below the moving average lines. If Bitcoin falls below the moving average lines, it will lose value and drop to $104,000. The psychological price level of $100,000 will see the continuation of the downward momentum. At the time of writing, Bitcoin is worth $108,980.

BTC price indicators analysis

The BTC price has been above the moving average lines since the 23rd of June as the cryptocurrency continues to rise. However, the price bars remain above the horizontal moving average lines. The horizontal moving average lines show a sideways trend below $110,000.

On the 4-hour chart, the Bitcoin price is stationary and trapped between the moving average lines. The development of doji candlesticks suggests that the sideways trend could continue.

Technical indicators

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

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

What's the next move for Bitcoin?

Bitcoin is recovering after being caught between the moving average lines. The price of the cryptocurrency rebounded and broke through the 21-day SMA level, resuming its uptrend. Bitcoin is moving towards the $110,000 mark. The sideways trend will continue if Bitcoin is unable to break above the $110,000 mark.

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.