Bitcoin Risks A Fall As It Lingers Above The $62,000 Support Level

Apr 29, 2024 at 16:30 // Price
Author
Coin Idol

The price of Bitcoin (BTC) has fallen sharply after reaching the $68,158 mark on April 22, 2024.

Long-term forecast for the Bitcoin price: bearish

Since the drop on April 13, 2024, buyers have failed to keep the price above the moving average lines. On April 17, Bitcoin fell to a low of $59,810. The bulls then bought the dips and rallied the price to its high of $68,158 but were halted by the 50-day SMA. The setback indicates the resumption of selling pressure. At the time of writing, Bitcoin has fallen to a low of $62,361.

On the downside, Bitcoin could fall back to its previous low of $59,810. The largest cryptocurrency will be forced to move between the support at $59,810 and the moving average lines, where the slide has paused above the current support. However, Bitcoin will fall to a low of $50,589 if the current support is broken. In the meantime, Bitcoin remains above the $62,000 support level after a slight decline.

Bitcoin indicator reading

The moving average lines flipped to horizontal on March 14, 2024, the day the uptrend ended. The negative crossover on both charts remains unchanged as the risks for Bitcoin fall. The doji candlesticks dictate the price movement and slow it down.

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

BTCUSD (Daily Chart) –April 29.jpg

What is the next direction for BTC/USD?

Bitcoin is lingering above the $62,000 support level and a break of the slide will send the cryptocurrency into a range-bound move. The 4-hour chart shows doji candlesticks above the current support level. This will cause Bitcoin to consolidate and then rise again.

BTCUSD (4-hour Chart) –April 29.jpg

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.com. Readers should do their research before investing in funds.

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