Bitcoin Rallies and Breaks the $88,000 Barrier

Bitcoin (BTC) has resumed its upward trend, breaking above the 21-day SMA.

BTC price long-term prediction: bullish

Over the past month, price movement has remained consistent, with Bitcoin trading above the $84,000 support but below the moving average lines and the $94,000 resistance.

Today, the BTC price has surpassed the 21-day SMA barrier. The cryptocurrency is expected to reach the 50-day SMA, which stands at $94,000. However, if buyers overcome the $94,000 resistance, Bitcoin could rally to the psychological level of $100,000.

If the bullish scenario is invalidated, Bitcoin will return to its trading range above the $84,000 support level. Bitcoin is currently trading at $88,868.

Technical indicators      

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

• 
  Key demand zones: $100,000, $95,000, $90,000 

BTC price indicators analysis

The BTC price has broken through the horizontal 21-day SMA barrier. The price is expected to rise until it reaches the 50-day SMA barrier. If the 50-day SMA remains unbroken, the cryptocurrency will be confined between the moving average lines. The extended candlestick wicks around $94,000 indicate strong selling pressure at the recent high. The 4-hour chart shows BTC price bars above the horizontal moving average lines.

What is the next move for BTC?

Bitcoin’s price is rising within its narrow range above the $84,000 support. On the 4-hour chart, Bitcoin is trading in a narrow range, with the price trend encountering resistance at the $90,000 high. The cryptocurrency remains above $84,000 but below the $90,000 high. The range-bound trend could last for a few more days.

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.