Bitcoin Rises Above The Breakthrough Level Of $109,590

The price of Bitcoin (BTC) has surpassed the previous record of $109,590 to reach a high of $111,880, with the upward movement halted at the $112,000 mark.

BTC price long-term prediction: bullish

The cryptocurrency value has retraced above the 21-day SMA support or the low of $106,710. Bitcoin has started a new rise yesterday, attempting to retest and break through the $112,000 level. If the bulls break through the $112,000 barrier, Bitcoin will rise to highs of $125,000 and $130,000.

However, if Bitcoin falls from the current high, it will settle between the resistance at $112,000 and the 21-day SMA support. On the downside, Bitcoin’s uptrend will be undermined if the bears break the 21-day SMA. Bitcoin will fall above the 50-day SMA support or the $94,476 low.

BTC price indicator analysis

There is a significant upward movement in the moving average lines. The 21-day SMA is sliding above the 50-day SMA, indicating an uptrend. Price bars above the moving average lines indicate that Bitcoin is rising.

According to Coinidol.com, the price of Bitcoin is stuck between the moving average lines on the 4-hour chart. The price of the altcoin will rise after it breaks through the 21-day SMA barrier on the 4-hour chart.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What’s the next move for Bitcoin?

Bitcoin continues to struggle against the resistance of $112,000 despite reaching a new high of $111,880. The 4-hour chart shows Bitcoin fluctuating between resistance at $112,000 and support at $106,000.

The cryptocurrency has been falling and was trapped between the moving average lines after being rejected twice at its last high. Bitcoin intends to rise again once it breaks above the 21-day SMA level.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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