Bitcoin Price Pauses And Hovers Around $100,000

Bitcoin (BTC) price fell to a low of $91,657 on February 3. Cryptocurrency price analysis brought by Coinidol.com.

BTC price long-term forecast: bearish

The bears managed to break below the 21-day SMA support or the low of $102,133. Selling pressure has eased above $92,000, while the Bitcoin price is correcting higher. 

On the downside, bearish momentum will resume once the bears break the $92,000 support. This will force Bitcoin to fall to lows of $90,000 and $85,000.

However, it is predicted that the bulls will defend the areas where the price could fall. Bitcoin will rise if the price holds and stabilizes above the $92,000 support level. The largest cryptocurrency is trading above the $92,000 support level but below the moving average lines. Bitcoin is currently worth $100,275.

Analysis of the BTC price indicators 

The BTC price has declined as the price bars have retraced below the moving average lines, although the selling pressure has stalled above the $92,000 support level. The moving average lines are horizontal and indicate that the Bitcoin price is moving in a range. Bitcoin has returned to a range of $90,000 to $107,500.

Today, a long candlestick tail indicates existing support. This means an excellent buying opportunity.

Technical indicators

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

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

What is the next move for Bitcoin?

The 4-hour chart shows that Bitcoin is trading above the $92,000 support but below the moving average lines. The cryptocurrency price will initiate a new trend once the current levels are broken. As traders prepare their next move, the cryptocurrency is trading above the $92,000 support.

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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