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The price of Bitcoin (BTC) rose above the support level of $51,000 and continued its positive trend. Latest price analysis by Coinidol.com.
Long-term forecast for the Bitcoin price: bullish
Prior to the recent price rise, the largest cryptocurrency had been trading between $50,600 and $53,000 since February 15, 2024. Doji candlesticks have dominated the market movement as Bitcoin consolidates ahead of a likely trend. On February 26, the bulls broke through the $53,000 resistance and rose to a high of $57,537 before falling back. The current BTC price is at $56,975 as this article is being written. Bitcoin is currently trading above the $56,000 support but below the $60,000 high.
If Bitcoin recovers above the current support, a rise to the psychological level of $60,000 or higher is predicted.
However, should the bears push the Bitcoin price below the $50,000 support level or the 21-day SMA, the upside scenario could be wiped out. In the meantime, Bitcoin is getting closer and closer to its goal of breaking through the $58,000 mark.
Bitcoin indicator display
Doji candlesticks have returned while price bars are stabilizing above the 21-day moving average. Bitcoin will continue to rise when the price bars move above the 21-day SMA. Bitcoin will fall as soon as the 21-day SMA support is broken. The accumulation of doji candlesticks reflects the uncertainty of traders over the past week.
Technical indicators:
Key resistance levels – $55,000 and $60,000
Key support levels – $45,000 and $40,000
What is the next direction for BTC/USD?
Bitcoin is likely to continue its upward march. On the 4-hour chart, BTC price has been in a sideways pattern since the uptrend was halted above the $53,000 high. Today, the bulls have gained the upper hand. The buyers still have one more hurdle to overcome before reaching the psychological price of $60,000.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.