The upward trend of the Bitcoin price (BTC) has ended as it has dropped below the moving-average lines. BTC price analysis from CryptoGuestPosts.
Bitcoin Price Forecast: Bearish
The cryptocurrency price has moved away from the $72,000 threshold zone. Since March 14, the biggest cryptocurrency has traded in a sideways pattern, hovering around $66,000 to $72,000 as it anticipates a bull market. The uptrend was rebuffed despite several unsuccessful attempts by buyers to continue the trend.
Bulls purchased dips, causing Bitcoin to fall significantly. Bitcoin will continue to be under pressure as it falls below the SMA of 50 days. Bitcoin will drop to a minimum of 60,000. If the bears were to break through the $60,000 level, then the cryptocurrency could fall as low as $57,000 or $54,000. Bitcoin's current value is $64,109.
Bitcoin indicator reading
BTC's price bars are now below the moving average line. As long as price bars are above moving average lines, the selling pressure will continue. The price bars on the 4-hour chart have fallen significantly, which indicates a bearish direction. The 21-day SMA has dropped below the 50 day SMA, which indicates a downward trend.
Technical indicators
Key Resistance Levels - $70,000 and $80,00
Key Support Levels - $50,000 and $40,000.
What is the future direction of BTC/USD?
Bitcoin has now fallen below the moving-average lines. The biggest cryptocurrency has fallen from its previous highs of $72,000 and $60,593. Bulls bought dips but the correction on the upside ended at $68,000. The decline started to move slightly downward.
CryptoGuestPosts previously reported that the resistance levels $72,762 or $73,666 would be breached if Bitcoin rose above the 21-day SMA, or the $70,000 level of support.
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 a endorsement by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.