Bitcoin Price Faces Uphill Task Attempt to Clear $48,000 Hurdle
Bitcoin (BTC) price continues to struggle below the $48,000 resistance zone. Today, the cryptocurrency retested the recent high but failed to break the resistance level.
Bitcoin (BTC) Price Long-Term Prediction: Bullish
Buyers made three unsuccessful attempts to break above the $48,000 high. On the second unsuccessful attempt, the market retraced and found support above $45,676. However, Bitcoin’s repeated rejections at the $48,000 resistance zone are due to the market reaching the overbought zone.
Sellers emerged and pushed prices lower. However, in a market with a strong trend, the overbought conditions cannot last. Bitcoin will continue to move higher. The retracement to the current support level suggests that another rise in Bitcoin is imminent. If the BTC price breaks through the $48,000 resistance, the market will rally above $50,000. The bullish momentum will extend to $51,000. However, buyers will face tough resistance at the recent high.
Bitcoin (BTC) Indicator Reading
The cryptocurrency is at level 68 on the Period 14 Relative Strength Index, which means Bitcoin does not have enough room to move higher. Buyers will have a hard time reaching the $50,000 price level. Meanwhile, Bitcoin is in a bullish momentum and is above the 50% area of the daily stochastic. The BTC price is above the moving averages, which indicates that Bitcoin will continue to rise.
Technical Indicators:
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $40,000 and $35,000
What is the next direction for BTC/USD?
An upward move of Bitcoin price above $48,000 is likely as buyers retest the resistance zone.
Meanwhile, the August 13 uptrend has retraced a candlestick that tested the 50% Fibonacci retracement level. The retracement suggests that bitcoin will rise to the 2.0 Fibonacci extension or the $52,323.00 level. Price action shows that buyers are retesting resistance at $48,000.
Disclaimer. This analysis and forecast are the personal opinions of the author 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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