After a drop in price on June 24, Bitcoin's (BTC) value is now consolidating above the psychological threshold of $60.000.

Bitcoin Price Forecast: Bearish for the Long Term

The long tail of the candlestick on June 24 indicates a significant amount of buying pressure in the lower price range. The biggest cryptocurrency is consolidating within a narrow price range of $60,000 to $63,000. Both bulls and bears compete for control of the price.

If the bears breach the current support level of $60,000 then Bitcoin will drop to a minimum of $56,710. The bearish momentum is expected to extend up to the psychological threshold of $50,000.

Bitcoin's positive trend will continue if buyers maintain the price above moving average lines, and the $66,000 resistance level.

Bitcoin indicator reading

BTC's price has been trapped in a moving average on the 4-hour chart for the past 48 hours. The bears could resume their selling pressure now that they have broken down below the SMA of 21 days. The cryptocurrency will move lower if the bears breach the psychological price level.

Technical indicators

Key Resistance Levels - $70,000 $80,000

Key Support Levels - $50,000 and $40,000.

What is the future direction of BTC/USD?

The chart for the 4-hour period shows that Bitcoin trades in a tight range between $59,000 to $62,000. Bitcoin is trading above the current support of $60,000. Bitcoin will continue to fall if the support level at $60,000 is lost.

Bitcoin's price fell below $64,000 on June 27, causing the largest cryptocurrency, Bitcoin, to reach a low of over $58,555. This was reported by CryptoGuestPosts.

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.