Bitcoin Retreats As It Is Unable To Reach Significant Level Of $30,000

April 27, 2023

Bitcoin (BTC) price remains trapped between the moving average lines as buyers try to break the 21-day line SMA.

Bitcoin price long-term forecast: bearish

Yesterday, Bitcoin (BTC) made a comeback and rose to the psychologically significant $30,000 level, but encountered fierce resistance at the recent high. The fervent enthusiasm of buyers was not enough to break the psychological price barrier. As a result, the BTC price fell between the moving average lines. The price of one bitcoin rose to $28,826 after the rejection. The upward momentum is stopped at the high of $29,600. However, Bitcoin’s uptrend will resume when buyers break the 21-day line SMA. The largest cryptocurrency will start a new rise and try to reach or surpass the $30,000 mark again. Bitcoin will rise and retrace its steps back to its previous high of $31,000. However, the BTC price would remain limited if the bullish condition becomes invalid.

Bitcoin indicator display

Bitcoin is at level 53 on the Relative Strength Index for period 14. The recent price change has brought Bitcoin into the range of a bullish trend zone. Despite the price increase, the moving average lines managed to keep the Bitcoin price stable. The cryptocurrency price is rising above the daily stochastic of 50.

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?

BTC/USD continues to move between the moving average lines. The cryptocurrency value is fighting against the initial resistance at $29,000 but is unable to develop a trend. After its recent high, the BTC price is already on the retreat. For a few days, the cryptocurrency is expected to trend sideways.

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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