Coinidol.com: 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. 

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.