Bitcoin Consolidates as Bulls Set Their Sights on $100,000

KEY TAKEAWAYS

•     Bitcoin remains bullish after retracing from $81,500, with the price consolidating above the key $76,000 support

•     A decisive break above the $82,000 resistance could open the way for Bitcoin to rally toward $90,000 and $100,000

•     If BTC loses the $76,000 support, the price could decline toward the $66,000 support or the moving-average lines.

Bitcoin (BTC) Price Long-Term Prediction: Bullish

Bitcoin (BTC) price rallies as bulls set their sights on $100,000. Buyers could not sustain the bullish momentum above the $82,000 high. Buyers on May 6 suffered the same rejection as Bitcoin plunged below the moving average lines. Today, the largest cryptocurrency has retraced to the low above $77,000. For the past 48 hours, the BTC price has been fluctuating above the $76,000 support but below the $82,000 resistance zone.

BTC price will resume its bullish ascent if buyers defend the $76,000 support. Bitcoin is expected to rally to the highs of $90,000 and $100,000 once it breaks above the $82,000 high. On the downside, Bitcoin will return to the $66,000 support or the moving average lines if it loses the current support. Today, Bitcoin is worth $78,144.

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

BTC price has retraced above the $77,000 support and the 21-day and the 50-day moving average lines. The price movement will remain upward as long as Bitcoin holds above these support levels. On the 4-hour chart, the upward-sloping moving average lines are sloping horizontally, indicating current sideways trend. However, BTC price is below the moving average lines.

What Is the Next Move for Bitcoin (BTC)?

Bitcoin retraces above the $76,000 support as bulls set their sights on $100,000 . On the 4-hour chart, BTC price is struggling to break above the moving average lines. Meanwhile, Bitcoin is in a sideways move above the $76,000 support but below the $82,000 high.

It is consolidating above the $76,000 support in anticipation of a bullish rise. Bitcoin will restart its uptrend when it breaks above the $82,000 barrier.