Bitcoin Price Prediction: BTC/USD Consolidates Around $34,500
Bitcoin Price Prediction – July 7
The Bitcoin price is currently moving below $35,000 after the king coin hits an intraday high of $35,077.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $31,000, $29,000, $27,000
At the time of writing, BTC/USD is hovering around the $34,500 level after touching the daily high of $35,077. Meanwhile, there has been a lot of sluggish movement in the market as neither the bulls nor the bears are looking to hold the price by the scruff of its neck.
Bitcoin Price Prediction: What Could Trigger Fresh Rally?
As the Bitcoin price hovers around the 9-day and 21-day moving averages, the price must close above $36,000 to indeed indicate an upside opening on the daily chart. Previously, the price range between $33,500 and $35,000 acted as support. However, for BTC/USD to turn bullishly, the bulls take it out decisively to turn it into support once again and then continue the momentum forward where it could reach $38,000, $40,000, and $42,000 resistance levels.
Currently, Bitcoin’s rise may likely give other altcoins a much-needed boost and also calm the cryptocurrencies market as well. Therefore, for Bitcoin to be rejected at $34,000, the drop may lead to a decline towards the lower boundary of the channel. Should in case the coin falls more, it could rely on the long-term support levels at $31,000, $29,000, and $27,000 as the Relative Strength Index (14) moves in the same direction.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is facing a downtrend and the coin may continue to depreciate if the $34,000 level is broken. The 9-day MA is likely to cross below the 21-day MA, the Bitcoin price may fall and could reach the critical support at $33,000, and below.
However, if the bulls can hold the current price and push the coin back above the 9-day and 21-day moving averages, it could hit the potential resistance at $35,500, and above. Meanwhile, the technical indicator Relative Strength Index (14) is currently facing the south, suggesting more bearish signals into the market.
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