The Bitcoin (BTC) price has stalled after reaching the $45,000 resistance level.
Long-term forecast for the Bitcoin price: bullish
On December 5, the largest cryptocurrency reached a high of $44,488 before falling back. On December 8, Bitcoin was rejected at a high of $44,699 after failing to break above the $45,000 mark.
Today, the Bitcoin price has retreated and found support above the 21-day simple moving average. In other words, at the time of writing, the value of BTC/USD stands at $42,182. Nonetheless, the current upswing is likely to continue as long as it remains above the 21-day SMA. Considering the current retracement, Bitcoin will rise above $47,000 if the current resistance level is broken.
Bitcoin indicator reading
On the 4-hour chart, the cryptocurrency’s price bars have slipped below the moving average lines. As a result, Bitcoin could fall even further. On the daily chart, the decline will start when the bears fall below the 21-day SMA support. The bearish momentum will continue above or below the 50-day simple moving average. This means the market will fall to a low of $37,500.
Technical indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin is expected to break through the $45,000 resistance level after finding support above the moving average lines. During the break of the uptrend, Bitcoin was forced to trade sideways between the $40,000 and $44,500 price levels. The cryptocurrency is now trading in the middle of its price range.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://coinidol.com/bitcoin-price-pulls-back/
- :has
- :is
- :not
- 000
- 11
- 2023
- 35%
- 500
- 8
- 900
- a
- above
- After
- an
- analysis
- and
- ARE
- AS
- At
- author
- average
- back
- bars
- BE
- bearish
- Bearish Momentum
- Bears
- before
- below
- between
- Bitcoin
- Bitcoin (BTC) Price
- Bitcoin Price
- Break
- Broken
- BTC
- BTC/USD
- buy
- by
- Chart
- COM
- considering
- continue
- could
- cryptocurrency
- Current
- daily
- dec
- December
- Decline
- direction
- do
- during
- Endorsement..
- Even
- expected
- failing
- Fall
- Falling
- finding
- For
- Forecast
- found
- funds
- further
- Have
- High
- HTTPS
- if
- in
- In other
- Indicator
- Indicators
- info
- investing
- IT
- ITS
- jpg
- largest
- Level
- levels
- likely
- lines
- Long
- Low
- Market
- means
- Middle
- Momentum
- moving
- moving average
- next
- now
- of
- on
- Opinions
- or
- Other
- personal
- plato
- Plato Data Intelligence
- PlatoData
- price
- Pulls
- range
- reached
- reaching
- readers
- Recommendation
- Rejected..
- remains
- research
- Resistance
- result
- retracement
- Rise
- s
- sell
- should
- sideways
- Simple
- SMA
- stands
- start
- support
- support level
- support levels
- The
- their
- this
- Through
- time
- to
- today
- trade
- Trading
- uptrend
- value
- was
- when
- will
- words
- writing
- zephyrnet