Bitcoin’s (BTC) price has been steadily declining, approaching the psychological $100,000 barrier.
Bitcoin price long-term prediction: bearish
Bears breached critical support at $107,000, extending the decline. On November 4, the largest cryptocurrency fell to a low of $99,045; however, bulls bought the dips. The bearish momentum has stalled above the $101,000 low, and buyers are expected to defend the $100,000 support. Remaining above the $100,000 support level would allow buyers to push the price above the moving average lines. If the $100,000 mark is breached, Bitcoin’s price will fall further.
On the weekly chart, the price indicator suggests that Bitcoin may fall below $100,000. On October 6, a retraced candle body approached the 50% Fibonacci retracement level. The ongoing correction suggests that Bitcoin could fall to the 2.0 Fibonacci extension level, or the $80,692 low. Bitcoin is currently at $101,770.
Technical indicators
- Key supply zones: $120,000, $125,000, $130,000
Key demand zones: $100,000, $95,000, $90,000
BTC price indicators analysis
The weekly chart’s moving average lines are trending upward despite the downturn. However, the price bars are below the moving average lines, indicating a downtrend. On the 4-hour chart, the BTC price is below the downward-sloping moving average lines. The extended candlestick tails cross the $100,000 psychological barrier, signalling strong buying interest at lower price levels.
What is the next move for Bitcoin?
Bitcoin’s price is falling, but it has paused above the $100,000 support. The largest cryptocurrency is currently trading above the $100,000 support but below the moving average lines and the resistance at $112,000. The Bitcoin price is correcting upwards after finding support above the $100,000 level. Bitcoin may decline if the bulls fail to defend this psychological price level.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.
Source: https://coinidol.com/btc-risks-drop-below/
