Bitcoin Price Prediction: BTC/USD Bounces Above $34,000
Bitcoin Price Prediction – July 24
The Bitcoin price prediction is seen gaining 0.82% as bulls keep working hard to nurture a bullish trend from the support at $33,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD is currently trading at the $33,926 resistance level as the coin moves above the 9-day and 21-day moving averages, indicating an upward movement in cryptocurrency. For the past few days, the Bitcoin price has been moving towards the north and in the context of the Bitcoin exchange rate forecast; an application of $35,000 is expected.
Bitcoin Price Prediction: The Bitcoin Price May Break $35,000?
If the Bitcoin price can retain the upward movement above the 9-day and 21-day moving averages, it is likely for the market price to touch the $35,000 level but the traders should expect bulls to fight for a further rise in BTC/USD and further development of the bullish trend. However, the purpose of this movement is to provide a level of resistance close to $34,000.
As the daily chart reveals, the current level where to buy BTC is when the red-line of 9-day MA crosses above the 21-day MA and when the price rises to a resistance level of $37,000 while the technical indicator Relative Strength Index (14) signal line is considering the way above 60-level. Meanwhile, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the crucial $33,000 level but if not; traders may see additional resistance levels of $34,000 and $35,000 before pushing higher.
On the downside, if the market decides to fall, the Bitcoin price could fall below the 9-day and 21-day moving averages at $31,000, and if that support fails to hold, BTC/USD could see a further decline to the support levels of $30,000, $28,000, and $26,000. However, the technical indicator shows that the market may gain more if the RSI (14) crosses above the 60-level.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
On the 4-hour chart, Bitcoin price is gaining the lost momentum to hit the trade above $34,000. Meanwhile, if the selling pressure still exists and holds the coin not to be able to cross above the upper boundary of the channel, the $32,500 and below may come into play.
However, in as much as the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $35,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving within the oversold region, suggesting that more bullish signals may play out.
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