Bitcoin (BTC) price has been stagnant since reaching a peak of $108,000, with the current value sitting at $93,319. According to cryptocurrency price analysis by Coinidol.com, the long-term forecast for Bitcoin is bearish. The negative trend fell below moving average lines on December 20 but was halted by the 50-day SMA. Although bulls bought the dips, their upside momentum was stopped by the 21-day SMA, leading to Bitcoin trading between the moving average lines. If the bears break the 50-day SMA support at $92,000, Bitcoin could drop to $88,000. However, if the support holds, Bitcoin will trade above $92,000 but below the $100,000 resistance.
Bitcoin is currently trapped between two moving average lines, with its performance dependent on breaking either the 50-day SMA support or the 21-day SMA resistance. If the bears break the support, selling pressure will increase, while Bitcoin will resume its positive trend if buyers keep the price above the resistance. The technical indicators show key resistance levels at $90,000 and $110,000, and key support levels at $70,000 and $50,000. On the 4-hour chart, Bitcoin is trading above the $92,000 support but below the 21-day SMA, with the current support level holding since November 26.
It is important to note that this analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their research before investing in funds. Coinidol.com does not endorse the views expressed in this analysis. If the support at $92,000 continues to hold, the uptrend for Bitcoin will likely continue, indicating a positive trend for the cryptocurrency in the near future. As the market remains uncertain, investors should proceed with caution and closely monitor the price movements of Bitcoin in the coming days and weeks.
