After the price drop on June 24, Bitcoin (BTC) price has been consolidating above the psychological price threshold of $60,000.
Bitcoin Long-Term Price Forecast: Bearish
On June 24, the long tail of the candle indicates significant buying pressure at the lower price level. The largest cryptocurrency is consolidating in a limited price range between $60,000 and $63,000. Bulls and bears are fighting for control over the price.
If the bears break the current support at $60,000, Bitcoin will fall to a low of $56,710. The bearish momentum will extend to the psychological price threshold of $50,000.
On the other hand, Bitcoin will resume positive momentum if buyers keep the price above the moving average lines and the resistance level at $66,000.
Bitcoin indicator readings
On the 4-hour chart, BTC price is trapped between the 48-hour moving averages. The bears have broken below the 21-day SMA and may resume selling pressure. If the bears break the psychological price level, the cryptocurrency will drift lower.
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?
The 4-hour chart shows Bitcoin trading in a tight range between $59,000 and $62,000. Bitcoin is currently trading in the middle of the price range and above the current support at $60,000. Bitcoin will fall further if it loses the current support at $60,000.
Bitcoin price has lost critical support at $64,000, causing the largest cryptocurrency to hit a low above $58,555, Coinidol.com reported on June 27.
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.
