Bitcoin (BTC) Long-term Price Analysis – March 24

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BTCUSD Long-term Trend – Ranging

  • Distribution territories: $5,000, $5,500, $6,000
  • Accumulation territories: $3,000, $2,500, $2,000

Bitcoin has been trading around the $4,000 mark this past week. The cryptocurrency has, however, kept on ranging within specific marks for a few weeks now.

Bitcoin, BTCUSDBitcoin Chart by TradingView

The cryptocurrency’s SMA indicators have had a small space separating them for a while, with the 14-day SMA being over the 50-day SMA. Both are within the $4,000 and $3,500 marks. The Stochastic Oscillators have moved into the overbought zone.

Bitcoin may in the near future keep on trading close to the $4,000 mark, while ranging between the $4,500 and $3,500 marks. The crypto may, in the long run, keep on losing strength to bearish pressure.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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