Bitcoin Fluctuates Sideways below $72,000

Bitcoin’s (BTC) price rose on March 15, breaking above the moving average lines and the resistance at $75,000.

BTC price long-term prediction: bullish

However, buyers failed to sustain the bullish momentum above the $100,000 high, resulting in a decline. Today, the Bitcoin price has retraced and found support above the moving average lines.

Since March 19, bulls and bears have been competing for price control above the 50-day SMA support. Bitcoin will rise and retest the $100,000 psychological price level if the 50-SMA support holds. If bears push the price below the moving average lines, Bitcoin will fall and continue its sideways movement above the $60,000 support level.

Technical indicators

• 
  Key supply zones: $120,000, $125,000, $130,000

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  Key demand zones: $90,000, $85,000, $80,000   

BTC price indicators analysis

The price bars have crossed above the moving average lines twice as Bitcoin begins its bullish ascent. Bitcoin will rise if the price remains above the moving average lines.

However, selling pressure will increase once the price falls below the moving average lines. On the 4-hour chart, the price bars are between the moving average lines, indicating that the cryptocurrency will continue to move sideways.

What is the next move for Bitcoin?

Bitcoin’s price continues to fluctuate sideways as buyers struggle to keep it above the $70,000 barrier. On the 4-hour chart, the Bitcoin price has remained between the $68,000 and $72,000 levels. The upward trend will resume if buyers maintain the price above $72,000.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.