Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has risen above the moving average lines and the $95,000 support level but is currently being held back by the 50-day SMA barrier.

Bitcoin Price Long-term Forecast: Bearish

The Bitcoin price remains below the 50-day SMA barrier while staying above the 21-day SMA support. BTC may reach a high of $102,390 if it breaks above the 50-day SMA. Conversely, if it remains stuck at the 50-day SMA, Bitcoin will likely oscillate between the moving average lines. If bears break below the 21-day SMA, Bitcoin could decline back to its previous range between $94,000 and below the moving averages.

Currently, Bitcoin is attempting to break through the 50-day SMA and has resumed its uptrend, with the price standing at $96,736.

Analysis of the Bitcoin Price Indicators

According to analysis by Coinidol.com, Bitcoin has shown recovery after breaking through the moving average lines. Before this breakout, the cryptocurrency faced barriers between the moving averages. If the 50-day SMA support remains intact, Bitcoin is poised for another rise, with price bars positioned above the moving average lines indicating potential upward movement.

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 has continued its upward trend after entering the uptrend zone. The price is expected to rise further if the 50-day SMA support is maintained. However, if bullish momentum cannot hold above the 50-day SMA, Bitcoin will likely fluctuate between the moving average lines.

Disclaimer: This analysis and forecast reflect the personal opinions of the author and do not constitute a recommendation to buy or sell cryptocurrency. Readers should conduct their own research before investing.