Bitcoin Falters Below the $75,000 Mark

Bitcoin’s (BTC) price resumed its upward trend but was halted at the $75,000 high.

BTC price long-term prediction: bullish

This is the third time the largest cryptocurrency has been rejected at the $75,000 barrier. Currently, buyers have pushed the price above the moving average lines but have not yet broken through the $75,000 barrier. The price is moving within a narrow range, above the 50-day SMA support but below the $75,000 high. BTC is rejected each time it reaches the $74,000 resistance level.

On the upside, if the current resistance level is broken, Bitcoin could reach a high of $90,000. Conversely, if Bitcoin is rejected at the recent high, it will return to its range above the $60,000 support. Today, Bitcoin is at $74,410.

Technical indicators

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  Key supply zones: $120,000, $125,000, $130,000

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  Key demand zones: $90,000, $85,000, $80,000

BTC price indicator analysis

The cryptocurrency price has broken above both the 21-day and 50-day SMAs. The BTC price will continue to rise if it retraces and remains above the 50-day SMA support. The price bars are above the upward-sloping moving average lines, indicating an upward trend. The bullish movement will continue as long as the price bars remain above the moving average lines.

What is the next move for BTC?

Bitcoin’s price has remained relatively stable. Today, the cryptocurrency price is retracing after testing resistance at $76,000. Since March 4, as Coinidol.com reported previously, buyers have failed to maintain bullish momentum above the $75,000 mark. Bitcoin’s price has retraced and stalled above the $70,000 support. Bitcoin will be compelled to maintain its range for a few more days as it meets another rejection at $75,000.

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.