Bitcoin (BTC) price has retraced above the moving average lines, continuing its horizontal trend. Price fluctuations are limited to levels between $30,000 and $31,500.
Bitcoin (BTC) Price Long-Term Forecast: In Range
Cryptocurrency analysts of Coinidol.com report, the market’s upward movement has been hindered by resistance and uncertainty among buyers and sellers about the market’s direction.
The price movement of BTC has been limited to levels below the $31,000 high since July 6, with the price indicator forecasting a further increase in the price. At the time of writing, the largest cryptocurrency is worth $30,413. On the plus side, the cryptocurrency is expected to reach a high of $33,000 if the existing restrictions are lifted. Bitcoin fell to a low of $30,219 USD on July 12 and continued its consolidation.
Bitcoin (BTC) Indicator Reading
The largest cryptocurrency is trading with a Relative Strength Index of 58 for the period 14. Bitcoin price has risen because it is above the moving average lines. The cryptocurrency is currently above the Stochastic threshold of 40 in an uptrend.
Technical Indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin remains above the psychological milestone of $30,000. The increasing movement has retested the recent high. Yesterday, the price of Bitcoin fell below the current support before rising again. The cryptocurrency value will bounce if the existing support is tested again.
Last week, on July 10, 2023, Coinidol.com reported that Bitcoin price is at $30,092. If the bulls break through the $31,500 resistance, Bitcoin will reach a high of $33,000. However, the uptrend is shaky as the market approaches overbought territory.
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.com. Readers should do their own research before investing in funds.