On May 8, the price of Bitcoin (BTC), which is a digital currency, rose above the psychological $100,000 level.
Bitcoin price forecast: bullish
The upward momentum peaked around $104,190, and then slowed down. CryptoGuestPosts reported that Bitcoin's price dropped after it peaked at $106,000 in January.
BTC is expected to reach a peak of $107,000. After Bitcoin started to correct itself, the price rise was stopped. The biggest cryptocurrency, which was rejected at $105,000, is now bouncing back off the psychological price barrier.
Bull market will return if buyers steadfastly defend price level of $100,000. If the current barrier is breached, Bitcoin could reach a peak of $110,000.
The largest cryptocurrency, however, will drop if the sellers breach the support of the SMA 21-days and the $100,000 level. Bitcoin will drop to the support provided by the 50-day SMA. Bitcoin is still above the $100,000 crucial support level.
Bitcoin Price Indicator Analysis
Bitcoin's price has reached its previous highs by rising above the moving-average lines. Moving average lines slope upwards when there is a bullish cross-over. The 21-day SMA is positioned above the 50 day SMA. This is a bullish sign. The market's overbought zone is moving closer and closer to cryptocurrency prices. In the overbought region, sellers are expected to emerge.
Technical Indicators
Key supply zones: $108,000, $109,000, $110,000
Demand zones for $90,000. $80,000. $70,000
What will be the next step for Bitcoin?
The price of bitcoin is falling on the 4-hour graph after it reached the resistance level of $104,000. Bitcoin is now above the psychological level of $100,000, after it broke through the $97.500 mark.
If the support of $100,000 holds, Bitcoin's downside will continue to climb to a maximum of $110,000. However, the bullish scenario will be nullified by a break in the 21-day SMA.
Disclaimer. Disclaimer. This analysis and forecast is the personal opinion of the author. These are not recommendations to buy or trade cryptocurrency, and should not be seen as endorsements by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.