Bitcoin Price Prediction: These two crucial levels could define BTC future
- Bitcoin’s upside capped by the 50 SMA on the four-hour chart, delaying upswing past $60,000.
- BTC’s short-term technical levels have started to improve, including the MACD.
- The 100 SMA support must be defended to avert potential declines toward $50,000.
Bitcoin exchanges hands slightly under $58,000 at the time of writing. Recovery from this week’s drop to 55,400 has failed to break past the immediate resistance provided by the 50 Simple Moving Average.
Despite the short-term hurdle, Bitcoin bulls are persistently pushing for gains above the coveted $60,000. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator conveys a bullish signal, implying that the slightest resistance path could be north.
It is worth mentioning that the MACD allows traders to identify positions to buy the dip and sell the top. When the fast MACD (main) line passes over the slow line, it insinuates that the market has gradually begun to flip bullish. On the other hand, if the mainline crosses under the slow line, we can expect bears to start taking control.
Therefore, the MACD on the four-hour chart clearly shows that Bitcoin is moving toward the bullish camp and the situation may improve in the coming sessions. Note that trading beyond the 100 SMA is critical to sustaining the uptrend.
BTC/USD four-hour chart
The 100 SMA remains key to the flagship cryptocurrency’s uptrend. The drop to $55,400 occurred after BTC lost this support area. In other words, this support level must be guarded at all costs; otherwise, losses may extend to the recently confirmed buyer congestion zone ($55,400). If push comes to shove, Bitcoin is likely to slump back to $50,000. Here, bulls will plan the next mission to hit highs as far as $70,000.
Bitcoin intraday levels
Spot rate: $57,960
Trend: Bullish bias
Volatility: Low
Support: 100 SMA, $55,400 and $54,000
Resistance: $58,000, $60,000 and $62,000
- Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action
- Grayscale Staking Ethereum ETF Debuts By Locking 32,000 ETH But Inflows Disappoint
- Pi Network Loses $18B Value in Six Months as Expert Warn of “Rug Pull” Risk
- Fed’s Jeffrey Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
