Bitcoin Holds Above $65,000 Due To Trader Hesitation

Bitcoin (BTC) rises as it surpasses its $65,000 price target. Price analysis by Coinidol.com.

BTC price long term forecast: bullish

Today, the bulls broke through the $65,000 mark and reached a high of $66,158. Nonetheless, Bitcoin is capable of rising if the bulls can hold the $65,000 support. If the positive momentum continues, Bitcoin could reach the psychological mark of $70,000 again. The largest cryptocurrency has the potential to rise even higher and reach $73,000.

However, the bullish momentum is expected to encounter significant selling pressure near the psychological price level.

Conversely, Bitcoin threatens to fall below the $65,000 support level if the current upward momentum is pushed back. The largest cryptocurrency would then fall to a psychological low of $60,000.

BTC indicator reading

BTC price remain above the moving average lines as the positive momentum continues. Currently, the bullish momentum is hitting resistance above $66,000. The price of the cryptocurrency is sliding towards the 21-day SMA at the 4-day SMA. Bitcoin’s uptrend will continue if it retraces and finds support above the moving average lines. Selling pressure will return if the price falls below the moving average lines.

Technical indicators:

Resistance Levels – $70,000 and $80,000

Support Levels – $50,000 and $40,000

What is the next direction for BTC/USD?

Bitcoin is rising on the 4-hour chart. Currently, the bullish momentum has stalled above the $66,000 high. Bitcoin price is trading above the moving average lines but below the $66,000 resistance level. Doji candlesticks are forming, signaling traders’ hesitation on the direction.

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.

Source