Bitcoin (BTC) has recently fallen below the 21-day SMA support after struggling to stay above the $100,000 mark. Despite this, the long-term prediction for Bitcoin remains bullish, with potential highs of $115,000 and $125,000 expected as the uptrend continues and the price remains above the moving average lines. Currently, Bitcoin is moving towards the 21-day SMA, and the uptrend is expected to continue as long as the price stays above this key support level.
According to Coinidol.com, if the bears manage to break the 21-day SMA support, the uptrend could stall, and Bitcoin could drop to around $90,000. However, at the time of writing, the value of the largest cryptocurrency stands at $99,517. The 21-day SMA is now a crucial support level for Bitcoin, with the price bars consolidating above this mark, indicating an uptrend. If the price falls below the 21-day SMA, the bulls are expected to buy the dip, and the moving average lines trending north show a current uptrend that may continue if buyers defend the support level.
In terms of technical indicators, the resistance levels for Bitcoin are at $80,000 and $100,000, while the support levels are at $70,000 and $50,000. On the 4-hour chart, Bitcoin is currently in a sideways trend since the end of the uptrend on December 5, bouncing between the $96,000 support and $102,000 resistance levels. Despite this, the presence of long candle tails on the downside indicates strong buying pressure at lower prices, suggesting that the support level is holding strong.
It’s important to note that the analysis and forecast presented in this article are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their research before making any investment decisions. The information provided should not be taken as an endorsement by CoinIdol.com, and readers should exercise caution when investing in digital assets.
