Bitcoin Fights Its Way Above The $85,000 Support Level

The price of Bitcoin (BTC) has been fluctuating within a small range between the $80,000 support and below the $87,500 resistance or moving average lines.

Long-term  forecast for the BTC price: bullish

Bulls and bears have been engaged in a price war near the 21-day SMA level. The bears managed to push the cryptocurrency below the 21-day SMA, but the bulls broke the 21-day SMA barrier for the third time.

The bears' plan is for Bitcoin to fall to the $80,000 support level before dropping to the $77,500 low. As the bulls have broken the 21-day SMA barrier, Bitcoin is gaining today. Bitcoin price will rise to the 50-day SMA or to the high of $90,000 if the buyers maintain the positive trend. The positive trend will continue until it reaches the high of $95,000.

However, the barrier of $87,500 has rejected the upside moves. If this barrier is broken, Bitcoin will rise again. The Bitcoin price is at $85,206.

BTC indicator analysis

The Bitcoin price has broken above the 21-day SMA support after the recent breakout. The moving average lines are sliding south while Bitcoin is moving sideways. On the 4-hour chart, the Bitcoin price is trapped between the moving average lines, indicating that it is moving sideways. 

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What is the next move for Bitcoin?

Bitcoin is currently trading between the moving average lines and the $80,000 support. Despite breaking above the 21-day SMA level, resistance at $87,500 has rejected the upside moves.

The bulls are currently struggling to sustain the bullish momentum above the $85,000 high or the 21-day SMA. Once the buyers sustain the price above the moving average lines, Bitcoin will resume its upside momentum.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are 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.