Bitcoin Struggles Below $29,000 Because There Are Not Enough Buyers At Higher Price Levels

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Bitcoin (BTC) price is gradually approaching the psychological price threshold of $30,000.

Bitcoin price long-term forecast: bullish

Since March 19, the resistance level of $29,000 has prevented the bullish scenario. The largest cryptocurrency has repeatedly tried to break through the resistance level, but failed. Today, the BTC price stabilized at $28,596 after a recent rally. With today’s rally, the bullish momentum grew and rose to a high of $29,170 before a decline occurred. Buyers were unable to sustain the positive trend as there were not enough buyers above the $29,000 high. A rise above the psychological price threshold of $30,000 is likely if the uptrend continues. The current support will continue to hold on the downside as long as the BTC price remains above the moving average lines.

Bitcoin indicator display

Bitcoin’s Relative Strength Index for the 14 period is at 65, with the cryptocurrency’s value rising and in a bullish trend zone. The price bars need to stay above the moving average lines for the uptrend to continue. Bitcoin is registering bullish momentum above the 50 level of the daily stochastic. The crossover favors bitcoin buyers. In other words, when the 21-day SMA crosses the 50-day SMA, a buy order is recommended.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin is now above the $29,000 resistance level and continues its uptrend. Bitcoin value has fallen back above the support level of $28,600 in anticipation of further uptrend. Bitcoin is expected to resume its uptrend if the bullish momentum is maintained above the $29,000 support level.

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

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