Bitcoin (BTC) prices remain between $80,000 and $87,500.
Long-term BTC price forecast: bullish
Bitcoin prices exceeded the moving average line on April 2nd, then suddenly below them. The bullish momentum on the daily charts stopped at a 50-day SMA resistance of $88,561.
Today, BTC prices have dropped to a low of $82,673, but are beyond key support.
On the weekly chart, Bitcoin is between the moving average lines. BTC prices exceed the key support level of $80,000 and the 21-day simple moving average. However, if the Bears defeat the $80,000 support, Bitcoin will fall to a 21-day SMA or $76,500 low.
Meanwhile, when buyers push prices above the 21-day SMA, Bitcoin will rise to $100,000. Currently, Bitcoin is worth $81,869.
Analysis of BTC price indicators
On the weekly charts, Bitcoin prices are trapped between moving average lines. This means that Bitcoin is forced to move within ranges between moving average lines. The moving average is tilted north, indicating past rises.
Daily charts show that the price range is below the moving average line, indicating that cryptocurrency continues to decline.
Technical indicators
Key Supply Zones: $108,000, $109,000, $110,000
key Demand Zone: $90,000, $80,000, $70,000
What will be the next move for Bitcoin?
Bitcoin is limited to the moving average line, according to Coinidol.com. The largest cryptocurrency will continue to move within current limits for several more days.
Bitcoin plays after the 21 and 50 days of SMA boundaries break. Bitcoin is currently just above its key support level of $80,000.
Disclaimer. This analysis and prediction is the author’s personal opinion. They do not recommend buying and selling cryptocurrencies and should not be considered as approval by coinidol.com. Readers should do research before investing in funds.
