Bitcoin Regains Bullish Momentum as Buyers Recoup to Resume Uptrend
The Bitcoin (BTC) price has regained momentum after sellers pushed the largest cryptocurrency below the $40,000 level.
Bitcoin (BTC) price long-term forecast: bearish
On January 10, the BTC price recovered from the support at $41,000 and reached the high of $44.095. The cryptocurrency is facing a slight retracement after the recent high. If the price breaks the resistance at $44,000, the market will rally above $46,000. This would put bitcoin in the range zone between $45,600 and $48,000. If the bulls are successful, buyers will try to retest or break through the upper resistance at $48,000. A break above the $48,000 resistance will catapult the BTC price above the $50,000 price level.
Today, buyers are still struggling to keep prices above the $44,000 high. On the other hand, if the bullish scenario proves to be invalid, Bitcoin will fall back to the $40,000 price level.
Bitcoin (BTC) indicator reading
Bitcoin is at level 40 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and is capable of falling downwards. Another drawback is that the price of the cryptocurrency is below the moving averages. This will bring Bitcoin down. The cryptocurrency will rise if buyers keep the price above the moving averages. The market is above the 25% range of the daily stochastic. BTC/USD is in a bullish momentum.
Key resistance levels - $65,000 and $70,000.
Key support levels - $60,000 and $55,000
What does the next direction look like for BTC/USD?
On the 1-hour chart, there are signs of further upward movement of the cryptocurrency. The BTC price has pulled back above the 21-day moving average line support. Meanwhile, the uptrend from January 12, a retracement candlestick, has tested the 50% Fibonacci retracement level. The retracement suggests that the BTC price will rise to the 2.0 Fibonacci extension level or the $46,113.90 high.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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