Bitcoin Price Drops from $44,000 Level to $

Bitcoin Price Drops from $44,000 Level to $

Dec 28, 2023 10:58 // Price


Bitcoin (BTC), despite trading within a small range, is still on a positive trend. Bitcoin price analysis from Coinidol.com.

Bitcoin Price Prediction: Long-term Range

The biggest cryptocurrency is currently trading above the simple moving average of 21 days but below $44,700. The resistance at $44,000 further slowed up the upward movement. On December 26, bears fell below the simple moving average of 21 days, while bulls purchased dips. BTC has recovered above its 21-day SMA, but is still below $44,700. Bitcoin's uptrend, which began on December 27, was short-lived. Bitcoin turned lower below the $44,000 level.

Bitcoin has stalled at the $44,000 level of resistance. Bitcoin will enter bullish territory once it crosses the $44,700 barrier. The market will hit a high of $48,000. Bitcoin is in danger of falling because it trades in a tight range. The biggest cryptocurrency will fall, if the bears continue to trade below the 21-day SMA. Bitcoin will drop above the 50-day moving average (SMA), or the low price of $40,400.

Bitcoin indicator reading

BTC has traded consistently above the SMA of 21 days to avoid a drop to the downside. The bears currently are trying to break through the 21-day SMA. The current rally would be over if the bears succeeded. The selling pressure is currently easing above the moving-average lines. This suggests that the sideways movement will continue.

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Technical indicators

Key Resistance Levels - $35,000 and $40

Support levels for $30,000 and $25,000.

What is the future direction of BTC/USD currency?

If the price rises above the moving-average lines, the sideways trend may continue. Bitcoin is trading within a narrow range of $41,600 to $44,000. The $44,000 barrier has stopped Bitcoin's upward movement since December 20. Bitcoin could see a drop if it does not break through the $44,700 level of resistance.

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as an endorsement from CoinIdol.com. Before investing in funds, readers should research the market.

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