Bitcoin Hovers above $35,000 Support Amidst Bullish Expectation
For the past week, the Bitcoin bearish run has subsided. Today, the BTC price has been consolidating above the $35,000 support. The price movement has been relatively stable on the upside.
Since the May 19 breakdown, buyers have been pushing the BTC price to a $42,500 high while the downtrend is stabilizing above the $35,000 support. Today, the BTC price is rising on the upside, and buyers and sellers are contending the price at $35,000 and the resistance at $42,500.
On the upside, if buyers can push Bitcoin above $42,500, it will signal the first strength of Bitcoin. Perhaps the bullish momentum will extend to a $47,000 high. Similarly, if the bullish momentum is facing rejection at the recent high, the market is likely to decline. However, if the price breaks below the $35,000 support, Bitcoin will decline to $28,000 support. The bearish momentum can extend to the low of $20,000.
Bitcoin indicator reading
Bitcoin price is still in the downtrend zone at level 33 of the Relative Strength Index period 14. It indicates that the crypto is capable of falling on the downside. The crypto’s price is below the 21-day and 50-day SMAs. A break above the SMAs will signal the resumption of the uptrend.
Technical indicators:
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $50,000 and $48,000
What is the next direction for BTC/USD?
Bitcoin Price is still in a downward correction. Bitcoin will regain its bullish momentum if the price breaks above the $42,500 resistance. The Fibonacci tool has indicated that Bitcoin will fall to level 2.0 Fibonacci extension or at $30,000 support but has not indicated a possible reversal. BTC /USD are now trading at $37,625.40 at the time of writing.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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