Bitcoin (BTC) is trading above its recent high and current support as it targets the $100,000 psychological price level.
BTC price long-term prediction: bullish
IIf the current support level holds, buyers will try to push the cryptocurrency above the $100,000 mark. In the meantime, the Bitcoin price has risen to its previous high and has surpassed the $96,000 mark. The psychological price level will be reached by Bitcoin if buyers hold the $95,000 support.
However, if the buyers raise the price to $100,000, the sellers will start a fight. Bitcoin will be forced to move above the moving average lines but below the recent high if it falls back from the $100,000 high. The current value of Bitcoin currently stands at $96,336.
Analysis of the BTC price indicators
Bitcoin has been gradually gaining as long as the price bars remain above the moving average lines. The moving average lines are trending upwards with a bullish crossover. The cryptocurrency will continue to rise as long as the price bars remain above the moving average lines.
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 has been trading sideways since April 23. It has been above the moving average lines and below the resistance level at $96,000.
The price of Bitcoin has recovered today and surpassed the $96,000 peak. The goal of buyers is to force Bitcoin to hit the psychological price threshold of $100,000. When bulls breach the present barrier, the upward trend will continue.Â
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.
