Bitcoin Price Prediction – July 2
The Bitcoin price continues to consolidate underneath a $34,000 barrier and on top of critical support $32,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $29,000, $27,000, $25,000
BTC/USD today touches the daily high of $33,972 before heading to the downside. During this period, the Bitcoin price is now facing down with 0.9% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator Relative Strength Index (14) moves below the 45-level, shifting focus from the upside. At the time of writing, the price of Bitcoin is hovering at $33,213.
Bitcoin Price Prediction: Ready to Push Higher?
Looking at the daily chart, the critical support at $30,500 may be tested to the downside as the price consolidates. Failure of the noted support could see the Bitcoin price staying below the 9-day and 21-day moving averages. More so, this area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt; however, if it is out of the way, the support level of $29,000, $27,000, and $25,000 may come into focus.
BTC/USD recovers from the low of $32,704 but the resistance at $34,000 still stands in the way of movements to $35,000. In the meantime, Bitcoin is trading at $33,213 amid a building bullish momentum. More so, the Bitcoin price is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $36,000 in other to resume its upward movement towards $38,000, $40,000, and $42,000 resistance levels.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Checking the 4-Hour chart, BTC/USD is currently trading below the 9-day and 21-day moving averages. The Bitcoin price is hovering around $33,132 and may take time to persistently trade above $34,000. However, the upward movement may likely touch the $35,000 and $36,000 resistance levels if the bulls regroup again.
Meanwhile, on the downside, the price could fall below the lower boundary of the channel if the bears put more pressure on the market; therefore, a further movement could test the critical support at the $31,500 level and below. In addition, the Relative Strength Index (14) moves below the 45-level, indicating a bearish movement.
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