Coinidol.com: Bitcoin Continues Its Oscillation Above $60,000

The Bitcoin (BTC) price has entered a range-bound movement after finding support above the $60,000 level.

BTC Price Long-Term Prediction: Ranging

Since June 5, the Bitcoin price has traded above the $60,000 low but below the moving average lines or the resistance at $67,000. Upward movement has been halted at the 21-day SMA barrier. Bitcoin could reach a high of $75,000 if buyers break through the 21-day SMA.

However, if the largest cryptocurrency declines from its recent high, it will continue to trade above its critical support. Bitcoin is currently trading at $66,470.

Technical indicators 

• Key supply zones: $120,000, $125,000, $130,000

• Key demand zones: $80,000, $75,000, $70,000

Bitcoin Price Indicator Analysis

The Bitcoin price is at the bottom of the chart, below the moving average lines. The 21-day SMA is below the 50-day SMA and is trending downward.

However, the moving average lines are slanting horizontally, indicating a sideways trend on the 4-hour chart. The 21-day SMA exceeds the 50-day SMA, signalling an upward correction.

What Is the Next Move for Bitcoin?

The cryptocurrency price is currently oscillating above the $60,000 support but below the $67,000 high. It is trading above the moving average lines but below $67,000 on the 4-hour chart. The price will rise as long as it remains above the moving average lines. If the price of Bitcoin breaks below the moving average lines, it will revert to its critical support level of $60,000.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.