Bitcoin Falls After Peaking at $66,000

Bitcoin (BTC) Price Long-Term Prediction: Ranging

The price of Bitcoin (BTC) has once again dropped below the moving average lines after peaking at $66,000. The cryptocurrency price fell above the 50-day SMA but below the 21-day SMA. For the next several days, the BTC price is likely to remain within the moving average lines. The selling pressure has ceased above the 50-day SMA while fluctuating between the moving average lines.

In the meantime, price movement has been limited to the moving average lines. On the downside, if sellers break below the 50-day SMA support, Bitcoin will fall further, reaching a low of $60,000. In contrast, Bitcoin will resume its bullish ascent if buyers sustain the price above the 21-day SMA level. Meanwhile, Bitcoin is worth $63,915 as of writing.

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 BTC price has remained stationary because it is trapped between the moving average lines. The cryptocurrency price is trading above the 50-day SMA support but below the 21-day SMA barrier. The 21-day SMA and 50-day SMA have been horizontal, indicating a sideways trend. Currently, the BTC price is correcting upward as it attempts to break above the 21-day SMA. Bitcoin will remain trapped between the moving average lines if it fails to break through them.

What Is the Next Move for Bitcoin (BTC)?

The largest cryptocurrency trades above the bottom price and below the moving average lines after peaking at $66,000. Bitcoin faces additional falls if it continues to trade below the moving average lines. The rising movement will begin when the price breaks above the moving average lines. Meanwhile, Bitcoin may continue its downward trend.

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