Bitcoin Price Struggles Below $40,000, Can Bulls Sustain the Uptrend?
Bitcoin (BTC) bulls made positive moves as they pushed BTC prices above the $40,000 high. However, buyers fail to sustain the bullish momentum above the resistance.
Bitcoin (BTC) Price Long-Term Prediction: Bullish
The bottom line is that if buyers are successful above the resistance, a rally to $50,000 is likely. Yesterday, May 26, Bitcoin slumped to $37,540 low because of rejection at the recent high. Today, another attempt is being made to breach the recent high. In the previous price action, BTC/USD has been fluctuating in a narrow range between $36,000 and $42500.
This gives buyers the privilege to retest or break the resistance at $40,000. However, if the BTC price consistently turns down from the recent high; the bears will take advantage to push Bitcoin to the previous lows. However, if the price breaks below the $35,000 support, Bitcoin will decline to $28,000 support. The $35,000 has been the crucial support level. Meanwhile, Bitcoin is trading at $39,222 as buyers struggle below the $40,000 high.
Bitcoin (BTC) Indicator Reading
Bitcoin price is below the 21-day SMA and 50-day SMA which suggests that the crypto is trading in the bearish trend zone. Bitcoin is capable of falling in the bearish trend zone. The market has risen to level 37 of the Relative Strength Index period 14. It indicates that the crypto is in the downtrend zone.
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 has resumed upward move as price breaks above the moving average in the lower time range. From the price action, and in the lower time frame, the candlestick long tails are pointing to the $30,000 support level. The long candlestick tails indicate that there is strong buying pressure above the $30,000 low.
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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