Bitcoin Price Prediction: BTC/USD Back Above $40,000
Bitcoin Price Prediction – July 29
The Bitcoin price restarts the uptrend after crossing above the potential barrier of $40,000 from the daily low of $39,229.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD is trading around $40,550 resistance level, making this its third breakout attempt so far as the Bitcoin (BTC) has created nine successive bullish candlesticks, short-term indicators are showing weakness. However, a daily close above the $40,000 level may increase the Bitcoin price to $43,000.
Bitcoin Price Prediction: Price May Break Higher
At the time of writing, the Bitcoin price is moving marginally at its current price of $40,204 with nine straight bullish days. According to the daily chart, this marks a meaningful climb from the opening price of $40,035 level. Therefore, it is important to note that the current movement may likely force the king coin to cross above the upper boundary of the channel.
However, if the market decides to fall towards the downside, the Bitcoin price could go below the 9-day and 21-day moving averages, and if that barrier fails to hold the sell-off, traders could see a serious decline towards the support levels of $35,000, $33,000, and $31,000 respectively. In other words, any further bullish movement above the channel may reach the resistance level at $45,000, $47,000, and $49,000 as the Relative Strength Index (14) moves to cross into the overbought zone, suggesting more bullish signals into the market.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, the Bitcoin price is hovering above the 21-day moving average. However, intraday trading is still looking bullish as a cross above the upper boundary of the channel could hit the resistance level at $43,000 and above.
On the contrary, if the buyers failed to keep pushing the market upward, traders can expect a retreat at the $38,500 support level, and breaking this level may further push the price below the 9-day and 21-day moving averages to reach the support level of $38,000 and below. Meanwhile, the Relative Strength Index (14) is moving above 60-level.
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