Bitcoin’s (BTC) price is trading sideways below the moving average lines.
Since November 21, as Coinidol.com reported, the largest cryptocurrency has stalled its decline above the $84,000 support. For the past month, the price of Bitcoin has been range-bound above the $84,000 support and below the moving averages. The Bitcoin price has remained steady above $84,000, although upward momentum has been limited by resistance near $94,000. Bitcoin has faced selling pressure near $94,000 since breaking through the 21-day SMA barrier. Bitcoin is currently declining after bullish momentum was halted by the 21-day moving average line.
On the downside, if Bitcoin falls but remains above the $84,000 support, the range-bound movement will continue. However, if Bitcoin loses its current support, it could fall further to $80,000.
The moving average lines run horizontally and above the price bars. Following its breakout above the 21-day SMA, the cryptocurrency price has fluctuated both below and above it. Buyers were unable to push the price above the 50-day SMA, resulting in a decline. On the 4-hour chart, the price bars move both below and above the horizontal moving average lines.
Bitcoin is trading sideways above the $84,000 support. The Bitcoin price is falling, although it has risen above the $87,000 support. The sideways movement will continue as the price bars remain below the moving average lines. Bitcoin will resume its upward trend if buyers maintain the price above the moving average lines. Currently, buyers are attempting to push the price above these lines.
