Bitcoin Price Prediction – July 31
The Bitcoin price prediction reveals that BTC is working hard to nurture a bullish trend from the support at $41,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $47,000, $49,000, $51,200
Support Levels: $37,000, $35,000, $33,000
BTC/USD is currently trading a 2.1% loss on the day as the first digital asset opened the session at $42,233 and touches the daily high of $42,414. The king coin is moving within the short-term bearish trend amid low volatility. Meanwhile, the current conditions imply that the market price may stay range-bound during the next trading hours as the coin remains below the upper boundary of the channel. More so, the technical indicator Relative Strength Index (14) may start moving downwards.
Bitcoin Price Prediction: Bitcoin (BTC) May Retrace
At the opening of the market today, after testing the low of $41,064, the Bitcoin price is currently trading at $41,350. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off just after touching the crucial $41,000, and traders may see $40,000 to $39,000 being tested again 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, and if that barrier fails to hold the sell-off, traders could see a further decline towards the lower boundary and the supports are located at $37,000, $35,000, and critically $33,000. All the same, any bullish movement above the upper boundary of the channel may hit the resistances at $47,000, $49,000, and $51,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
When compares with the 4-hour chart, BTC/USD first shoots higher but currently dropping below the upper boundary of the channel. If the price continues to drop further and moves below the 9-day and 21-day moving averages, it could reach the nearest support levels at $39,000 and below.
Therefore, if bulls keep the coin above the 9-day and 21-day moving averages, it is likely for the Bitcoin price to reach the potential resistance levels of $44,000 and above. In other words, the market is currently indecisive as the technical indicator Relative Strength Index (14) moves below the 65-level.
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