Coinidol.com: Bitcoin Falls Again Above $58,000

Bitcoin’s (BTC) price analysis by Coinidol.com. BTC price has fallen three times before recovering above $58,000.

BTC Price Long-Term Prediction: Bearish

Today, bulls and bears are still battling to keep the price above the critical support level of $60,000. The BTC price slipped towards the $58,000 support after buyers failed to sustain bullish momentum above the recent high. This key support has turned into resistance as the largest cryptocurrency resumes its sideways movement above $58,000.

On the upside, if the BTC price recovers above $60,000, it will resume its positive trend. However, if Bitcoin falls below the $58,000 support level, it is likely to decline further towards $50,000.

Bitcoin is currently trading at $59,900. 

Technical indicators

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

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

BTC Price Indicator Analysis 

Long candlestick tails around the $58,000 support level signal strong buying pressure there. The 21-day SMA is below the 50-day SMA and sloping downwards. On the 4-hour chart, the cryptocurrency price is below the moving average lines, and the 21-day SMA is capping any upward move. Bulls and bears are struggling to push the price decisively below or above the 21-day SMA level. 

What Is the Next Move for BTC?

Bitcoin is currently trading above the $58,000 support but below the moving average lines. Buyers tried to keep the price above the 21-day SMA barrier but were rejected. Bitcoin will rise above $60,000 if buyers break through the 21-day SMA. In the meantime, BTC price is expected to continue trading above the $58,000 support level.

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.