Bitcoin Continues to Struggle Below $80,000

Bitcoin’s (BTC) price has been moving sideways since encountering resistance around $79,480.

BTC Price Long-Term Prediction: Ranging

Since April 22, buyers have made three unsuccessful attempts to keep the price above the $80,000 level. Today, the positive momentum was rejected as the largest cryptocurrency resumed its sideways movement above the moving average lines but remained below the $80,000 mark.

On the upside, if buyers manage to push the price above the $80,000 barrier, Bitcoin could rise to the psychological level of $100,000. However, if the BTC price fails to break above $80,000, Bitcoin will be forced to remain above the moving average lines.

Nonetheless, Bitcoin will lose its price level if it falls below the 21-day SMA support. The largest cryptocurrency will test its previous lows of $72,000 and $68,000 if the 21-day SMA is breached. Bitcoin is at $79,725 at the time of writing.

Technical indicators 

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

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

BTC Price Indicator Analysis

Bitcoin is still trading in the bullish trend zone, above the moving average lines. The cryptocurrency price is in a narrow range above the 21-day SMA support but below the $80,000 mark. Bitcoin risks a decline if the 21-day SMA support is broken. On the 4-hour chart, BTC price is above the moving average lines, yet bullish momentum was repelled by the $80,000 barrier.

What Is the Next Move for Bitcoin?

The cryptocurrency price has surpassed the 21-day and 50-day SMAs but has been halted by the $80,000 resistance zone on the 4-hour chart. The upward trend will continue if the crypto asset remains above the moving average lines. The Bitcoin price will advance to its psychological level of $100,000. Meanwhile, the cryptocurrency price continues to struggle below the $80,000 high.

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.