The price of Bitcoin (BTC) has been above the moving average lines since the market rally on April 17.
Bitcoin price long-term prediction: bullish
The largest cryptocurrency broke and retested the moving average lines before continuing its uptrend. The bullish momentum is currently retesting the $88,000 level. If the current barrier is breached, BTC will rise to a high of $95,000. In addition, the 50% Fibonacci retracement line of the April 9 rise has been tested by a retraced candle body.
According to the retracement, the Bitcoin price is expected to rise to the 2.0 level of the Fibonacci extension or $92,252.
Bitcoin has risen to a high of $90,600 at the time of writing.
BTC price indicator analysis
The price of Bitcoin has risen since April 9. Bitcoin has broken above the moving average lines today. Since the crypto price is above the moving average lines, there is a chance that it will continue to rise. A bullish crossover between the moving average lines on the 4-hour chart indicates a positive development.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What’s the next move for Bitcoin?
The cryptocurrency failed to reach the $88,000 mark since March 24, as reported by Coinidol.com.
The upward momentum has continued since reaching the high of $90,000. The cryptocurrency signal is strong as Bitcoin is trading in the positive trend zone.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are 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.
