The price of Bitcoin (BTC) rose to $95,814.00 on April 25. The upward momentum has stalled around the $96,000 mark.
Bitcoin price long-term prediction: bullish
Bitcoin has been moving sideways for the past 48 hours, above the $94,000 support but below the $96,000 barrier.
Buyers have not been able to sustain the upside momentum above the $95,000 level, which is why this dip occurred below it. Bitcoin will surpass the psychological milestone of $100,000 if buyers are successful.
However, if Bitcoin falls below the $95,000 support, it is unlikely to rise above $100,000. Bitcoin is currently approaching the $94,000 support. If the $94,000 support holds, the price of Bitcoin will rise again.
However, if the bears break the $94,000 support, the largest cryptocurrency would fall to the low of $88,000. The current price of Bitcoin is $94,055.
Bitcoin price indicator analysis
The Bitcoin price is above the moving average lines after the recent price recovery. A bullish crossover above the moving average lines indicates a bullish signal. The price bars have pulled back above the 21-day SMA on the 4-hour chart. If the price falls below the moving average lines, the selling pressure will increase again.
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 currently trading above the $94,000 support after the price retraced. The 4-hour chart shows that Bitcoin is trading below the barrier at $96,000 or above the 21-day SMA support or the $94,000 low. The presence of doji candlesticks means that the Bitcoin price is fluctuating a bit.
The price action has stopped above the $94,000 support level. There is a risk of Bitcoin falling below the current support level.
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.
