The price of Bitcoin (BTC) has dropped twice after reaching the $72,000 resistance level. Price analysis by Coinidol.com.
Long-term forecast for the Bitcoin price: bullish
On May 21, the cryptocurrency rose to a high of $71,922 before being rejected. The price of the cryptocurrency fell but remained above the 21-day SMA. On June 7, as reported by Coinidol.com, Bitcoin reached a high of $71,950 before being rejected again. Buyers have made two unsuccessful attempts to keep the price above the $72,000 level. On the bright side, buyers are hoping to push Bitcoin to the psychological price of $80,000.
On the downside, the slide has slowed and the cryptocurrency has found support above its 21-day SMA. The largest cryptocurrency is currently trading between its 21-day SMA and the $72,000 resistance level. Meanwhile, Bitcoin will fall if it loses its 21-day SMA support. BTC/USD could fall above the $66,000 low or the 50-day SMA support. Bitcoin is currently worth $69,474.
Bitcoin indicator reading
Today, Bitcoin bounces and finds support above the 21-day SMA. This is the second time Bitcoin has found support above the 21-day SMA after being rejected at the $70,000 mark. BTC price has resumed its uptrend and remains above the moving average lines. On the 4-hour chart, Bitcoin is trapped between the moving average lines, indicating a rangebound move for the cryptocurrency.
Technical indicators:
Key resistance levels – $70,000 and $80,000
Key support levels – $50,000 and $40,000
What is the next direction for BTC/USD?
On the 4-hour chart, Bitcoin is trading sideways between $67,000 and $72,000. The bulls have tried three times to break through the resistance at $72,000 but were unsuccessful. Bitcoin has resumed its uptrend after the previous decline. Bitcoin has resumed its rangebound trend for a few more days.
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-resumes-its-range/
- :has
- :is
- :not
- 000
- 08
- 09
- 2024
- 7
- 8
- 900
- a
- above
- After
- again
- an
- analysis
- and
- ARE
- AS
- At
- Attempts
- author
- average
- BE
- before
- being
- between
- Bitcoin
- Bitcoin Price
- Break
- Bright
- BTC
- btc price
- BTC/USD
- BTCUSD
- Bulls
- but
- buy
- buyers
- by
- Chart
- COM
- could
- cryptocurrency
- Currently
- daily
- Days
- Decline
- direction
- do
- downside
- dropped
- Endorsement..
- Fall
- few
- finds
- For
- Forecast
- found
- funds
- Have
- High
- holds
- hoping
- HTTPS
- if
- in
- indicating
- Indicator
- Indicators
- info
- investing
- IT
- ITS
- jpg
- june
- Keep
- largest
- Level
- levels
- lines
- Loses
- Low
- made
- mark
- May..
- Meanwhile
- more
- move
- moving
- moving average
- next
- of
- on
- Opinions
- or
- personal
- plato
- Plato Data Intelligence
- PlatoData
- previous
- price
- Price Analysis
- psychological
- Push
- range
- rangebound
- reached
- reaching
- readers
- Recommendation
- Rejected..
- remained
- remains
- research
- Resistance
- ROSE
- Second
- sell
- should
- side
- sideways
- Slide
- SMA
- support
- support levels
- The
- their
- this
- three
- Through
- time
- times
- to
- today
- Trading
- trapped
- Trend
- tried
- Twice
- two
- uptrend
- were
- will
- worth
- zephyrnet