Bitcoin Swings Sideways but Bounces Above $62,500

Bitcoin (BTC) Price Long-Term Prediction: Ranging

Bitcoin (BTC) price continues to trade sideways, but bounces above $62,500. Prior to its decline, the Bitcoin price was caught between the moving average lines. Today, the largest cryptocurrency has returned to a previous low of $62,000. The cryptocurrency asset has found support as it continues to consolidate above the $62,000 level. In the previous price action, BTC touched a low of $62,000 and began its upward trend.

The price’s upward advance was limited at the peak of $66,000, resulting in its fall. Bitcoin is currently trading in a range between $62,000 support and the $66,000 barrier. If the current support holds, the cryptocurrency will rise its prior high of $66,000. On the other hand, if Bitcoin loses its present support, it will return to its critical support above $60,000. As of this writing, the value of Bitcoin is $63,294.

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

Bitcoin’s price is presently below the horizontal 21-day and 50-day moving average lines. If the cryptocurrency remains below the moving average lines, it will continue to fall. The crypto price is caught between the moving average lines on the 4-hour chart. It suggests that Bitcoin will continue its sideways movement within the restricted range. The extended candlestick wicks suggest significant selling pressure.

What Is the Next Move for Bitcoin (BTC)?

Bitcoin is consolidating as it bounces above $62,500.. The cryptocurrency price is currently bouncing above the $62,500 support and below the moving average lines or resistance at $63,900. Since July 31, buyers have been persistently defending the existing support level of $62,500. The extended candlestick tails below the $62,500 support point to heavy buying pressure at the bottom of the chart.

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