Bitcoin Rises Before Falling Back From The $107,250 Mark

The price  of Bitcoin (BTC) has risen above the moving average lines twice after falling below the 21-day SMA level.

Bitcoin price long-term prediction: bullish

It recovered after the 50-day SMA halted the bearish momentum twice. Bitcoin's price would have fallen to $100,000 if the bears had broken the 50-day SMA support. Bearish momentum will continue to decline to $92,000.

Bitcoin price is likely to rise if the 21-day SMA support holds. The crypto price is expected to rise to its previous high of $110,000 and then to $111.690.

Bitcoin price is currently at $104,826

BTC price indicator analysis 

The price of the cryptocurrency has recovered above the 21-day SMA support and is now above the moving average lines. The moving average lines are higher but sloping horizontally due to the sideways trend.

Technical indicators

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

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

What is the next move for BTC?

Bitcoin is currently moving sideways on the 4-hour chart after the uptrend was halted at the high of $110,000. The cryptocurrency is currently trading below the $110,000 level and above the $104,000 support.

The uptrend has hit an early obstacle at its high of $107,250 and fell back. BTC will start its uptrend on the daily chart if it stays above the 21-day SMA support.

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.