Bitcoin (BTC) price has plummeted, reaching the psychological mark of $70,000. Price analysis from Coinidol.com.
Long-Term Bitcoin Price Forecast: Optimistic
On July 29, the price of Bitcoin rose to a high of $70,016 but failed to maintain the positive momentum and fell to a low of $63,869.
Selling pressure has stalled between the moving averages. The cryptocurrency price is below the 21-day SMA but above the 50-day SMA. If the bears break the 50-day SMA support, the price will fall to a low of $62,000. BTC will be forced to move in the range between the moving average and the 50-day SMA support. In other words, Bitcoin will trade in a price range of $63,000 to $65,500.
BTC Price Indicator Readings
After the current decline, Bitcoin is trapped between the moving average lines. The decline has stabilized above the 50-day SMA support. Bitcoin will fall if the 50-day SMA support is broken.
Technical indicators:
Key resistance levels are $70,000 and $80,000
Key support levels are $50,000 and $40,000.
What is the next direction for BTC/USD?
Now Bitcoin will be forced to move between the moving average lines. On the other hand, if buyers hold the price above the 21-day SMA, the market will resume the positive trend. If the 50-day SMA is violated, Bitcoin will fall even further.
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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
