Bitcoin (BTC) price is rallying from the support at $40,000 to reach the high of $43,780. The uptrend is facing resistance at the resistance zone of $44,000.
In recent weeks, the BTC price has been rejected at the recent high. Buyers have a tough task ahead to get Bitcoin above the resistance zone. The upward momentum will continue if buyers break above the $45,000 and $48,800 resistances. If the buyers are successful, Bitcoin will rise to the high of $52,750. Today, the BTC price is rising and retesting the high at $45,000. However, if the BTC/USD price is rejected at the recent high, the price will move back within the trading range. The cryptocurrency will fall and settle between $40,000 and $45,000.
The cryptocurrency price is below the moving averages, but is approaching the 21-day line SMA. A break above the moving averages will catapult the cryptocurrency into the bullish trend zone. Bitcoin is at level 37 of the Relative Strength Index of period 14, which indicates that the cryptocurrency is in a downtrend and can fall downwards. The daily stochastic is above the 80% range of the market. Bitcoin is trading in the overbought zone and could likely fall.
Major Resistance Levels - $65,000 and $70,000
Major Support Levels - $45,000 and $40,000
BTC/USD is in a trading range between $40,000 and $45,000 price levels. The cryptocurrency has been trapped in a range since September 21. Bitcoin is yet to show any trend as the trading range is unbroken. The market will continue to fluctuate until Bitcoin experiences a price breakout or breakdown. The bears have the upper hand as Bitcoin is trading in the bearish trend zone.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.