Bitcoin Aims at $82,000 As Bulls Defend $75,000 Support

KEY TAKEAWAYS

•     Bitcoin is attempting to reclaim the $82,000 barrier,with a successful breakout pontentially opening the way toward the psychological $100,000 level

•     BTC is currently holding above the $75,000 support and the 21¬-day SMA, keeping the short-term bullish momentum intact

•     A break below the $75,000 support and the 21¬-day SMA could weaken the bullish outlook and send Bitcoin toward its previous low around $64,000

Bitcoin (BTC) Price Long-Term Prediction: Ranging

Bitcoin (BTC) price rises to a high of $79,461 as bulls defend $75,000 support. In the last price action, buyers drove the price to a high of $82,818 on May 6. Buyers were unable to extend their positive momentum above the $82,000 level as Bitcoin fell below the moving average lines.

Today, buyers are driving the price higher in an attempt to recapture the $82,000 barrier. If buyers break through the $82,000 barrier, Bitcoin will return to its psychological price of $100,000.

Currently, the BTC price has stalled its upward momentum below the $78,000 high, fluctuating above the $75,000 support. On the downside, if sellers push the price below the $75,000 support, Bitcoin will revert to its prior low of $64,000. Bitcoin is currently trading at $77,040.

Technical indicators

Major supply zones: $80,000, $85,000, $90,000
Major demand zones: $70,000, $65,000, $60,000

Bitcoin BTC) Price Indicator Analysis

The horizontal 21-day and 50-day moving average lines are upward sloping, indicating an uptrend. As Bitcoin starts its bullish surge, the price bars have risen above the moving averages. On the 4-hour chart, the price bars are close to and above the moving average line.

On the downside, a break below the 21-day SMA support will indicate a resumption of selling pressure. Meanwhile, Bitcoin will continue to advance as it bounces above the 21-day SMA support.

What Is the Next Move for Bitcoin (BTC)?

Bitcoin recovers as bulls defend $75,000 support. However, the price of Bitcoin has risen to a high of $79,600 and is now trading sideways. On the 4-hour chart, the Bitcoin price is trading above the 21-day SMA, or $75,000 support, but below the $80,000 high.

Today, the cryptocurrency price found support above the 21-day SMA as it resumed its upward trend. However, if BTC price falls below the 21-day SMA support, it will restart its downward trend.