Cryptocurrency analysts of Coinidol.com report, the Bitcoin (BTC) price has fallen above the $91,000 support level for the third time before moving up again.

Bitcoin price long term forecast: ranging

On January 10, buyers tried to hold the price above the moving average lines but failed to do so. The Bitcoin price fluctuated below its last peak for 48 hours before falling again. 

Yesterday, the largest cryptocurrency fell to a low of $91,266. It was predicted that the bearish momentum continues and Bitcoin breaks through the $90,000 support, it will fall to $85,000. However, the support at $90,000 holds, and the cryptocurrency is forced to trade in a range above it. 

Now Bitcoin is rising, retests and breaks out above the moving average lines. 

In the meantime, the Bitcoin price is hovering above the $96,220.

Bitcoin indicator reading

Yesterday, following the recent rejection of the moving average lines, the price bars have fallen below them. The moving average lines are trending downwards, indicating a downtrend. The price action was determined by doji candlesticks, which slow down the price movement. 

Technical indicators:

Resistance Levels – $90,000 and $110,000

Support Levels – $70,000 and $50,000

What’s next for BTC/USD? 

On the 4-hour chart, Bitcoin was falling as it approached critical support at $90,000. On the 4-hour chart, the market tested the key support at $90,000 before falling. 

Now Bitcoin is expected to remain above $90,000, and move up.  

If the critical support is maintained, the largest cryptocurrency will be forced to trade in a range that is above $90,000 but falls below the moving average lines.

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.