Bitcoin (BTC) continues to trade above the $100,000 mark since the breakout on May 8. Cryptocurrency price analysis brought by Coinidol.com.
Bitcoin price long term prediction: bullish
The uptrend has hit a first hurdle at $105,000. Over the past week, Bitcoin has fluctuated between $100,000 and $106,000, with the bulls using the psychological price barrier of $100,000 as support. The largest cryptocurrency tested the important support three times before falling back. If the $100,000 support holds, Bitcoin could continue to rise. Bitcoin will regain its high of $109,000 on January 20 if the barriers are breached. However, it will face stiff resistance at the $109,000 peak. Nonetheless, Bitcoin will be spurred to continue its momentum once buyers break through the $109,000 barrier. In the meantime, the BTC price is fluctuating below its recent high in anticipation of an upward move.
Analysis of the Bitcoin price indicators
Price bars remained above the 21-day SMA support after being rejected at the $105,000 peak. Bitcoin will continue to rise as long as the price bars remain above the moving average lines. Currently, the candlestick tail is pointing towards major support, signaling strong buying pressure. Bitcoin is trending sideways as shown by the moving average lines on the 4-hour chart.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin is on the upswing after its breakout on May 8. On May 10, Bitcoin was forced to trade sideways as the $105,000 barrier was reached. The largest cryptocurrency is still moving in a range that is above $100,000 but below $106,000. Today’s price bars are rising above the moving average lines, indicating a retest of the recent high.
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.
