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The Bitcoin (BTC) price has resumed its upward momentum and has risen above the moving average lines. Price analysis by Coinidol.com.
Long-term forecast for the BTC price: bullish
On September 13, buyers kept the price above the moving average lines, although there was selling pressure at the $60,000 high. Bitcoin price retraced above the 21-day SMA support and recovered. After the breakout, the cryptocurrency climbed to a high of $64,200.
On the other hand, Bitcoin is expected to reach a high of $65,000 during the current surge. The rally may not continue above the $65,000 peak. Since August 23, the cryptocurrency has failed to rise above $65,000. However, if the bulls break through the $65,000 mark, Bitcoin will return to the psychological price level of $70,000. In the meantime, Bitcoin is valued at $63,707.
Bitcoin indicator reading
The price bars are above the moving average lines, indicating the resumption of upward momentum. The rally is approaching the initial barrier of $65,000. On September 11, the moving average lines crossed to the upside, with the 21-day SMA crossing above the 50-day SMA. On the 4-hour chart, the moving average lines are sloping down, reflecting the current trend.
Technical indicators:
Resistance Levels – $70,000 and $80,000
Support Levels – $50,000 and $40,000
What is the next direction for BTC/USD?
Bitcoin is trading in the uptrend zone with the price moving above the moving average lines. It reaches the current high price of $65,000. On August 25, the bulls failed to break through the 65,000-dollar mark when Bitcoin came under selling pressure at its recent high. The largest cryptocurrency fell below the moving average lines, but returned above them.
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.