📊 Bitcoin Holds Above $65,000 Due To Trader Hesitation
🔸 BTC price long term forecast: bullish
Today, the bulls broke through the $65,000 mark and reached a high of $66,158. Nonetheless, Bitcoin is capable of rising if the bulls can hold the $65,000 support. If the positive momentum continues, #Bitcoin could reach the psychological mark of $70,000 again. The largest cryptocurrency has the potential to rise even higher and reach $73,000.
However, the bullish momentum is expected to encounter significant selling pressure near the psychological price level.
Conversely, Bitcoin threatens to fall below the $65,000 support level if the current upward momentum is pushed back. The largest cryptocurrency would then fall to a psychological low of $60,000.
🔸 BTC indicator reading
BTC price remain above the moving average lines as the positive momentum continues. Currently, the bullish momentum is hitting resistance above $66,000. The price of the cryptocurrency is sliding towards the 21-day SMA at the 4-day SMA. Bitcoin's uptrend will continue if it retraces and finds support above the moving average lines. Selling pressure will return if the price falls below the moving average lines.
🔸 What is the next direction for BTC/USD?
Bitcoin is rising on the 4-hour chart. Currently, the bullish momentum has stalled above the $66,000 high. Bitcoin price is trading above the moving average lines but below the $66,000 resistance level. Doji candlesticks are forming, signaling traders' hesitation on the direction.