BTC Price Jumps to $69,000

Bitcoin’s (BTC) price rallied after breaking above the moving average lines.

On August 19, BTC price moved above the moving average lines and reached $68,000. As reported, BTC surged above $68,000  after Treasury Secretary Scott Bessent
announced the doubling of bond buyback operations for longer-dated government securities. Bitcoin is projected to reach highs of $78,000 and $82,000 if buyers manage to hold the $67,000 resistance level.

BTC Price Long-Term Prediction: Ranging

Bitcoin’s (BTC) price rallied after breaking above the moving average lines on August 17. Despite the rebound, Bitcoin remained confined between support at $60,000 and resistance at $67,000. The largest cryptocurrency was trading in a narrow range, above the moving average lines and below the $67,000 mark.

Meanwhile, the BTC price is retracing and has paused above the moving averages. However, if bears drive the price below the moving average lines, the bullish scenario will be invalidated. Bitcoin will then decline and revert to consolidating above the $60,000 support.

Technical indicators

• 
  Key supply zones: $100,000, $105,000, $110,000

• 
  Key demand zones: $70,000, $65,000, $60,000

BTC Price Indicator Analysis 

After the rebound, the price bars moved back above the horizontal 21-day and 50-day moving average lines. The Bitcoin price is likely to continue rising if it finds support at the moving average lines. On the 4-hour chart, the 21-day SMA is above the 50-day SMA, indicating an upward trend in the cryptocurrency. The long candlestick wicks around $64,000 point to strong selling pressure.

What Is the Next Move for BTC?  

Bitcoin is in an upward reversal after previously falling below the $62,000 support level. Previously, after hitting the initial barrier of $65,000, the cryptocurrency price was oscillating above the moving average lines. The upward correction may continue as long as Bitcoin remains above the moving average lines.

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.