Bitcoin Holds Above $60,000 As Traders Fight For Price Control

After a price drop on June 24, the Bitcoin (BTC) price is consolidating above the psychological price threshold of $60,000.

Long-term Bitcoin price forecast: bearish

On June 24, the long candlestick tail indicates significant buying pressure at the lower price level. The largest cryptocurrency is consolidating in a limited price range between $60,000 and $63,000. Bulls and bears are vying for price control.

Should the bears break the current support of $60,000, Bitcoin will fall to a low of $56,710. The bearish momentum will extend to the psychological price threshold of $50,000.

On the upside, Bitcoin will resume its positive trend if buyers keep the price above the moving average lines and the resistance level at $66,000.

Bitcoin indicator reading

On the 4-hour chart, BTC price was trapped between the moving averages for 48 hours. The bears have broken below the 21-day SMA and could resume selling pressure. If the bears break through the psychological price level, the cryptocurrency will drift lower.

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

What is the next direction for BTC/USD?

The 4-hour chart shows that Bitcoin is trading in a narrow range between $59,000 and $62,000. Bitcoin is currently trading in the middle of the price range and above the existing support at $60,000. Bitcoin will fall further if it loses the current support at $60,000.

Bitcoin price has lost critical support at $64,000, sending the largest cryptocurrency to a low above $58,555, as reported by Coinidol.com on June 27.

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.

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