Bitcoin Recovers Its $75,000 Threshold

Bitcoin’s (BTC) price has fallen below the moving average lines, but bulls have taken advantage of the dip.

BTC Price Long-Term Prediction: Bearish

Buyers are attempting to push the price above the 50-day SMA support to prevent the cryptocurrency from declining further. If buyers succeed, Bitcoin will be limited to a range above the 50-day SMA support but below the 21-day SMA barrier.

However, if sellers drive the price below the moving average lines, Bitcoin will continue its downward trend. The cryptocurrency is expected to fall further to lows of $72,000 and $66,000.

Today, the price of Bitcoin has risen above its critical support of $75,000 and the 50-day SMA. On the upside, if buyers lift the price above the 21-day SMA barrier, Bitcoin will retest its previous high of $82,833. Meanwhile, Bitcoin is rising but remains stuck between the moving average lines. It is currently at $77,363.

Technical indicators

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

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

Bitcoin Price Indicator Analysis

Bitcoin is recovering and trading above the 50-day SMA support but below the 21-day SMA resistance. This suggests a likely range for the asset between the moving average lines. Bitcoin’s upward momentum will continue once it breaks above the 21-day SMA.

On the 4-hour chart, Bitcoin price is above the downward-sloping moving average lines. The price increase will continue if the 50-day SMA support holds.

What Is the Next Move for Bitcoin?

Bitcoin has risen above the moving average lines on the 4-hour chart. The largest cryptocurrency fell to a low of $74,000 before recovering.

Currently, Bitcoin is trading above the $74,000 support but below the $78,000 level. The Bitcoin price is rising but may face resistance at the $78,000 high. Since May 21, the price has remained below the $78,000 high. However, Bitcoin will decline if it faces further rejection at the $78,000 level.

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.