Bitcoin Rises but Battles the $67,000 Barrier

Bitcoin’s (BTC) price has continued to move higher as it approaches resistance at $67,000.

BTC Price Long-Term Prediction: Ranging

This will be the second time the BTC price has retested the recent high. On June 16, Bitcoin fell below the $60,000 support after hitting resistance at $68,000, as Coinidol.com wrote. The BTC price is now rising after breaking above the moving average lines. On the upside, if buyers push the price above the $68,000 barrier, Bitcoin could advance to $78,000.

However, BTC will return to its range if it turns down from the $68,000 level. The largest cryptocurrency will then continue to trade between support at $60,000 and resistance at $68,000. Bitcoin is worth $66,364 at the time of writing. 

Technical indicators

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

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

Bitcoin Price Indicator Analysis 

The 21-day SMA and 50-day SMA are sloping downwards. The price bars are above the moving average lines. BTC will continue to rise as long as the price bars remain above the moving average lines. On the upside, the price bars are above the upward-sloping moving average lines, confirming the ongoing upward correction. 

What Is the Next Move for Bitcoin? 

Bitcoin is correcting upwards within its confined range above $60,000. The upward move has stalled at $67,000. On the 4-hour chart, the crypto price is above the moving average lines but still below the $67,000 level. BTC will lose value if it retraces below the moving average lines. For now, the BTC price is fluctuating just below the $67,000 barrier.

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.