The price of Bitcoin (BTC) has experienced two drops after hitting the $72,000 resistance level, according to a price analysis by Coinidol.com. Despite these setbacks, the long-term forecast for the Bitcoin price remains bullish. On May 21, Bitcoin reached a high of $71,922 before facing rejection. The cryptocurrency’s price fell but managed to stay above the 21-day SMA. On June 7, Bitcoin hit a high of $71,950 before being rejected yet again. Buyers have made two unsuccessful attempts to maintain the price above $72,000, but there is optimism that Bitcoin could reach the psychological price level of $80,000.
While the recent slide in Bitcoin’s price has slowed down, the cryptocurrency has found support above its 21-day SMA. Currently, Bitcoin is trading between its 21-day SMA and the $72,000 resistance level. However, if Bitcoin loses the support of its 21-day SMA, it could experience a fall above the $66,000 low or the 50-day SMA support. As of now, Bitcoin is valued at $69,474. Technical indicators suggest key resistance levels at $70,000 and $80,000, with key support levels at $50,000 and $40,000.
In terms of Bitcoin’s indicator reading, the cryptocurrency has bounced back and found support above the 21-day SMA for the second time after facing rejection at the $70,000 mark. Bitcoin’s price has resumed its upward trend and remains above the moving average lines. On the 4-hour chart, Bitcoin appears to be in a rangebound move, trapped between the moving average lines. Despite the recent challenges, there is hope that Bitcoin will continue its uptrend in the coming days.
Looking ahead, Bitcoin is currently trading sideways between $67,000 and $72,000 on the 4-hour chart. The bulls have attempted three times to break through the resistance at $72,000 without success. Despite this, Bitcoin has resumed its upward movement after a previous decline and is expected to continue its rangebound trend for the near future. It is important to note that the analysis and forecast provided are the personal opinions of the author and should not be taken as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their own research before making investment decisions.
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