Coinidol.com: Bitcoin Returns to Its $75,000 Low

Bitcoin (BTC) has resumed its downward trend after failing to hold above the $80,000 support level.

BTC Price Long-Term Prediction: Ranging

Since May 6, the largest cryptocurrency has been trading within a range, remaining above the moving average lines but below the $82,500 mark. Buyers were unable to sustain bullish momentum above the $82,500 high. The price was rejected three times at the $82,500 peak, leading to the decline.

On the downside, bears have broken through the $80,000 and 21-day SMA support levels. As a result, Bitcoin may fall further, possibly to $75,000 or the 50-day SMA support. If the BTC price falls and remains above the 50-day SMA support, the cryptocurrency will be confined to a narrow range. Today, Bitcoin is at $76,875.

Technical indicators

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

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

Bitcoin Price Indicator Analysis

BTC price has fallen below the 21-day SMA support. The price is currently caught between the 50-day SMA support and the 21-day SMA resistance.

For several days, the BTC price is expected to remain between the moving average lines. The largest cryptocurrency will trend if either the 50-day SMA support or the 21-day SMA resistance is broken. If Bitcoin loses support at the 50-day SMA, it will decline further. The 4-hour chart shows the price is below the downward-sloping moving average lines.

What Is the Next Move for Bitcoin?

Bitcoin is falling and is approaching its previous low of $75,000. In the recent price movement, BTC fell to a low of $74,912 before recovering above the $75,000 support. If the cryptocurrency price retraces and remains above the $75,000 support, Bitcoin will continue to trade above $75,000 but below the moving average lines.

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.