Cryptocurrency analysts of onedaybitcoin.com report that the price of Bitcoin (BTC) has risen above the moving average lines after a strong bounce. Bitcoin has recently risen above key moving average lines, crossing the $100,000 mark and briefly reaching a high of $109,590. However, upward momentum has been slowed by resistance around $104,000. Currently, Bitcoin is trading above support levels but below resistance, with a gradual upward trend. The price is trapped between the 50-day and 21-day moving averages
Bitcoin price long-term prediction bullish
The largest cryptocurrency rose above the moving average lines and crossed the $100,000 mark. However, the upward momentum was halted at a high of $104,000. On January 20, the upward momentum continued to increase, surpassing the $104,000 mark and reaching a high of $109,590. However, the BTC price was pushed back again to the high of $109,590 and fell well above the support level of $100,000.
Today, Bitcoin is trading above the moving average lines but below the resistance level of $104,000. The largest cryptocurrency is currently gradually rising upwards. If buyers overcome the resistance, a high of $116,000. However, if buyers are unable to reach levels at $104,960 and $108,000, Bitcoin could retake the resistance levels; Bitcoin will be forced to trade in a range above the moving average lines.
Bitcoin indicator reading $109k
Bitcoin is expected to rise as the price bars are above the moving average lines. However, on January 20, a long candlestick wick points to the high of $109,000. The long candlestick wick indicates significant selling pressure at a high of $109,000. On the 4-hour chart, Bitcoin is trapped between the moving average lines, indicating a range-bound move for the cryptocurrency.
Bitcoin recently surpassed the $109,000 mark, signaling strong bullish momentum. This price level reflects growing investor confidence and increasing demand driven by favorable macroeconomic conditions, institutional adoption, and supply constraints. The price surge is also attributed to significant catalysts like regulatory clarity and Bitcoin’s growing role as a store of value.
Analysts are optimistic, predicting further price appreciation, with some projecting Bitcoin could exceed $160,000 by the end of 2025. Bitcoin Retreats bullish, While volatility remains a concern, Bitcoin’s resilience in reaching new highs continues to fuel market excitement, reinforcing its position as a leading asset in the digital currency space.
What is the next move for BTC/USD?
The 4-hour chart shows that Bitcoin is trapped above the 50-day SMA support but below the 21-day SMA resistance. Bitcoin will fall if the bears break the 50-day SMA. Bitcoin will fall and retest the support at $90,000. On the other hand, Bitcoin will resume its uptrend once it breaks above the 21-day moving average. The current fluctuations will continue if the 21- and 50-day SMAs remain unbroken.
The next move for BTC/USD will likely depend on several key factors, including market sentiment, institutional involvement, and macroeconomic developments. If Bitcoin maintains its current momentum above key support levels like $100,000, it could target the $120,000 to $130,000 range in the short term.
However, if volatility increases due to market corrections or regulatory news, a dip to lower support levels around $90,000 could occur. Bitcoin Retreats bullish, Longer-term forecasts remain bullish, with many analysts predicting Bitcoin could reach upwards of $160,000 by the end of 2025. As always, Bitcoin’s price will be subject to rapid fluctuations.
Summary
Bitcoin has recently risen above key moving average lines, crossing the $100,000 mark and briefly reaching a high of $109,590. However, upward momentum has been slowed by resistance around $104,000. Currently, Bitcoin is trading above support levels but below resistance, with a gradual upward trend. The price is trapped between the 50-day and 21-day moving averages, with key levels at $90,000 and $116,000. Analysts remain bullish, predicting Bitcoin could reach $160,000 by 2025, though short-term fluctuations are expected due to market volatility and regulatory developments. The cryptocurrency’s future movement will depend on overcoming resistance or facing potential corrections.
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