Bitcoin Resumes Its Range Above $60,000

Bitcoin’s (BTC) price has moved back above the key $60,000 support level.

BTC Price Long-Term Prediction: Ranging

Buyers pushed the price as high as $64,657 but were halted. Sellers then tried to drive the price down towards its vital support, but buyers held firm, keeping it confined to a range above $61,000. In other words, Bitcoin has maintained its sideways trend, rebounding above the 21-day SMA support but staying below the 50-day SMA barrier.

Today, the BTC price is slipping as sellers attempt to break the 21-day SMA support. On the downside, if sellers succeed, Bitcoin will fall towards its crucial support. If the current support holds, Bitcoin will continue to trade above $60,000. The largest cryptocurrency currently shows little clear potential for further gains. Bitcoin is at $62,062.

Technical indicators 

• 
  Key supply zones: $120,000, $125,000, $130,000

• 
  Key demand zones: $80,000, $75,000, $70,000

BTC Price Indicator Analysis 

The Bitcoin price is trading between the downward-sloping 21-day SMA and the 50-day SMA. If the largest cryptocurrency breaks above the 50-day SMA barrier, its price will increase. If the crypto asset falls below the 21-day SMA support, its value will depreciate.

On the 4-hour chart, BTC is in an upward correction above the moving average lines. At the most recent high, this upward correction was rejected.

What Is the Next Move for Bitcoin?

Bitcoin has risen to a high of $64,500 after recovering above the $60,000 support level. The largest cryptocurrency is currently trading in a narrow range above the moving average lines but below the $64,500 high on the 4‑hour chart. If the current barrier is breached, Bitcoin is expected to continue appreciating and could reach a high of $67,000.

However, selling pressure is likely to return whenever the price falls below the moving average lines. In that case, Bitcoin is expected to recover towards its critical support level above $60,000.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.