Bitcoin is on course to surpass its $80,000 high

The cryptocurrency is forming a pattern of higher highs and higher lows.

BTC price long-term prediction: bullish

The price of Bitcoin (BTC) has been rising steadily above the moving average lines since April 7, as Coinidol.com reported. 

The BTC price has exceeded $75,000 and is on track to reach $80,000. On April 22, the Bitcoin price peaked at $79,000 before declining. In previous price action, Bitcoin was rejected at $79,000 and fell below the moving averages. For the past five days, the BTC price has fluctuated below $80,000 as buyers attempt to push it higher. If the current barrier is breached, Bitcoin could rise to $97,000 or even $100,000.

Currently, Bitcoin is trading in a narrow range below its $80,000 high. At the time of writing, the BTC price was $76,878.

Technical indicators

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

• 
  Key demand zones: $70,000, $65,000, $60,000  

BTC Price Indicator Analysis

The cryptocurrency price is rising and exceeding the moving average lines. The 21-day SMA is above the 50-day SMA and sloping upwards, indicating a bullish trend. The 4-hour chart shows Bitcoin in an uptrend. The cryptocurrency is on an upward trajectory. The price of Bitcoin increases when it crosses above the moving average lines. When the price of Bitcoin drops below the moving average lines, the upward trend will end. 

What is the next move for Bitcoin?

Bitcoin has been stuck below the $80,000 mark since 22 April. It is trading above the moving average lines but below the $80,000 high. The upward movement is currently limited to a range below $79,000.

Bitcoin is trading in a confined range, above the 21-day SMA support but below the $79,000 high. On the upside, Bitcoin’s bullish trend will resume after buyers overcome the $79,000 and $80,000 thresholds.

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.