Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price has fallen below the moving averages for the second time.
Bitcoin price long term forecast: bearish
On December 30, 2024, Bitcoin dipped above $91,000 before rising above the moving average lines. On January 7, buyers failed to sustain the bullish momentum above the $100,000 high, leading to the decline. Today, Bitcoin is consolidating above the support level of $91,430 but below the moving average lines. Buyers are stubbornly defending the psychological price level of $90,000 as bearish momentum stalls above the $91,000 support. However, if Bitcoin loses its current support above $91,000, the bears are likely to break the $90,000 level. Bitcoin will continue to fall and reach a low of $85,000.Â
Nonetheless, the largest cryptocurrency will resume its positive trend once it breaks above the moving average lines. Bitcoin is currently worth $94,700.
Read Bitcoin indicators
Bitcoin has fallen below the moving average lines twice, with the price bars remaining below these lines. The moving average lines are horizontal, with a bearish crossover. The bearish crossover means that the 21-day SMA is falling below the 50-day SMA, indicating a further decline in the cryptocurrency. Meanwhile, the price decline has paused above the $91,000 level.
Technical indicators:Â Â
Key resistance levels – $90,000 and $110,000
Key support levels – $70,000 and $50,000
What is the next move for BTC/USD?
On the 4-hour chart, Bitcoin has corrected upwards but is now between the moving average lines. The price of the cryptocurrency is stabilizing above the 21-day SMA support or $94,000 but below the 50-day SMA resistance. Bitcoin is expected to stay within the moving average lines for a few days. If the bears break the 21-day SMA or the current support of $94,000, selling pressure will pick up again.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are 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.
