Bitcoin (BTC) price has failed to recover above the 21-day SMA after its decline on April 2.
BTC price long-term forecast: bearish
The largest cryptocurrency has experienced strong selling pressure at the 21-day SMA since April 1. Three unsuccessful attempts by buyers to hold the price above the 21-day SMA have been rejected each time. In other words, Bitcoin is under strong selling pressure at the 21-day SMA ($83,285).
Bitcoin fell to $74,434 on April 7, as Coinidol.com wrote, but the bulls bought the dips. Bitcoin price is currently below the moving average lines and above the $75,000 support.
On the downside, Bitcoin will drop much lower to $68,000 if the bears break the $75,000 support. Buyers need to break above the 50-day SMA above resistance and breach the 21-day SMA to stop the downtrend. Bitcoin will reach a high of $95,000 if it overcomes the aforementioned obstacle.
Bitcoin is at $82,371 at the time of writing.
Analysis of the Bitcoin price indicators
On the 4-hour chart, the price bars indicating the upward correction are above the moving average lines. However, the $83,285 barrier is hindering the cryptocurrency’s uptrend.
However, the price bars are below the moving average lines on the daily chart, indicating a possible decline in Bitcoin.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin will continue to range as long as the bulls are unable to break above the 21-day SMA barrier. Bitcoin has now pulled back from its high of $83,285. The uptrend will continue if Bitcoin price retraces and stays above the moving average lines of the 4-hour chart.
However, if the downtrend breaks below the moving average lines, Bitcoin will return to its previous low of $74,634.
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 viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
