Bitcoin’s price has been trading within a range between $40,180 and $44,700 after facing resistance at the $45,000 level. Currently, the cryptocurrency is confined to a narrow band of $42,700 to $44,700. The 21-day simple moving average (SMA) is acting as both support and resistance for Bitcoin. If the price breaks above the $44,700 level, it is expected to rally towards the $45,000 high and potentially reach $48,000. On the other hand, if the price falls below the 21-day SMA support, it may drop towards the 50-day SMA or the low of $40,198.

Technical indicators suggest that Bitcoin is in a bullish trend zone, with the price bars finding support above the 21-day SMA. As long as the price remains above the moving average lines, the upward momentum is likely to continue. Key resistance levels for Bitcoin are at $35,000 and $40,000, while key support levels are at $30,000 and $25,000.

It is important to note that this analysis and forecast are the personal opinions of the author and should not be considered as a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their own research before making any investment decisions.