Bitcoin Loses Important Support At $66,000 And Starts To Fall

The uptrend of the Bitcoin ($BTC) price has come to an end as it has dipped below the moving average lines. $BTC price analysis by Coinidol.com.

Long-term forecast for the Bitcoin price: bearish

The price of the cryptocurrency has been pushed away from the $72,000 barrier zone. Since March 14, the largest cryptocurrency has been trading in a sideways trend, hovering between $66,000 and $72,000 in anticipation of a bull market. Buyers made several futile attempts to resume the uptrend but were rebuffed.

Bitcoin fell considerably to a low of $61,593 as bulls bought dips. Selling pressure will continue as Bitcoin falls below the 50-day SMA. Bitcoin will fall to a low of 60,000. However, if the bears break the $60,000 support, the cryptocurrency would fall to lows of $57,000 and $54,000. Meanwhile, Bitcoin is worth $64,109 at the time of writing.

Bitcoin indicator reading

After the recent drop, $BTC price bars have fallen below the moving average lines. The selling pressure will continue as long as the price bars remain above the moving average lines. On the 4-hour chart, the price bars have dropped significantly, indicating a bearish trend. The 21-day SMA is below the 50-day SMA, indicating a downtrend.

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

What is the next direction for $BTC/USD?

Bitcoin is now falling below the moving average lines. The largest cryptocurrency fell from its previous highs at $72,000 and $61,593. The bulls bought the dips, but the upside correction ended at a high of $68,000. The decline has started slightly to the downside.

Coinidol.com reported previously that if Bitcoin rises above the 21-day SMA or the $70,000 support, the resistance levels of $72,762 and $73,666 will be breached.

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.