Bitcoin (BTCUSD) Price Crosses $86,000 Supply Level

Bitcoin (BTCUSD) Price Forecast: December 19

Bitcoin, the largest cryptocurrency, crossed the $86,000 supply level, struggling to recover from the recent market downturn. The coin has started receiving demand from buyers again and continues to face resistance as the broader market correction continues to reflect on the momentum. The crypto is trying hard not to fall again by resisting sellers. If the buying pressure persists, the bulls’ pressure may break through the peak barrier of $115k and extend its price to reach the upper range level of $124k, bringing a downpour of gains to the entire crypto market.

Key Levels:
Resistance Levels: $88k, $89k, $90k
Support Levels:    $83k, $82k, $81k

BTC (USD) Long-term Trend: Bearish (Daily Chart)

Today, BTCUSD’s price crosses the $86,000 supply level as the market struggles to recover from the recent broader crypto market downturn. The price trend is slightly below the EMA line, indicating a bearish market.
However, the previous action at the $85,267.69 low level in the last session has contributed to the crypto’s bearishness in its recent correction.

At the writing time, the Bitcoin market is showing promising signs of recovery as the price begins the bullish correction below the resistance level at $87,421, influencing market trends with mixed performance across major cryptocurrencies, resulting in intraday gains.

However, the bullish sentiment could push it forward towards the $115,000 previous high if recovery gains strength.

Furthermore, the BTCUSD pair indicates the continuation of bullish sentiment on the daily signal by pointing up. In light of this, the downside risk remained uncertain.

Thus, the next bulls’ target might be the $120,000 high level in the days ahead in its long-term outlook.

BTC (USD) Medium-term Trend: Bearish (4H Chart)

The largest cryptocurrency (Bitcoin) crosses $86,000 despite the interference of short-term traders in the price flow in its medium-term outlook.
A bearish market is indicated by the coin price rising from recent lows below supply levels; as a result, buyers are progressively and steadily building momentum in the market.

Actions from the short traders at a $85,267.29 low value in the last few hours have dropped the BTCUSD price beneath the supply trend lines in recent times.

Today, additional buying pressure has enabled the Bitcoin price to cross from the mentioned support to a $87,421 supply level below the moving averages as the 4-hourly chart opens.

This will however give the buy traders the tendency to further ladder up the trend. To push the price above the supply zone, more investments from the long traders are needed.

Therefore, a bullish breakout from the current resistance could trigger the recovery pattern and drive the coin prices to hit the $94,640.66 supply value, reflecting growing confidence among investors in a correcting market.

However, there is a possibility of a further increase in the price of Bitcoin if the buy traders should increase their price actions and all the current support level holds; a psychological key level at the $120k supply level might be reached sooner, as it journeys towards the resistance in its medium-term time frame.

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