Bitcoin Price Prediction: BTC/USD Price Consolidates Below $34,000
Bitcoin Price Prediction – July 10
The Bitcoin price continues trading sideways currently at $33,629 after another significant rejection from $34,267.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $37,000, $39,000, $41,000
Support Levels: $31,000, $29,000, $27,000
Looking at the daily chart, BTC/USD is still flat and trading sideways but has seen a volatile move, peaking at around $34,267 before quickly dropping to $33,476 below the 9-day and 21-day moving averages. Therefore, one can say that the Bitcoin price is not recovering yet and may continue to trade sideways as confirmed by the technical indicator Relative Strength Index (14).
Bitcoin Price Prediction: Would BTC Price Continue to Stay in a Range?
According to the daily chart, the Bitcoin price is hovering at $33,748 and displays an intraday loss of 0.58% as the coin is ranging from expanding volatility causing it to consolidate in a bearish flag pattern. Therefore, a breakout to the upside is supposed to continue in the direction of the previous trend. In this case, traders expect BTC/USD to rise above 9-day and 21-day moving averages before heading towards the potential resistance levels at $37,000, $39,000, and $41,000.
Moreover, should Bitcoin price failed to cross above the moving averages; the price could drop below this barrier and may head towards the $32,000 vital support. A further low drive could send the price to $31,000, $29,000, and $27,000 support. The technical indicator Relative Strength Index (14) is seen moving sideways, which makes the market to be indecisive at the moment.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart shows the bears stepping back into the market. The Bitcoin price is currently making an attempt to cross below the 9-day moving average. Meanwhile, crossing below the 21-day moving average may drag the coin to the support level of $58,200 and below.
On the other hand, if the buyers can regain strength and push the Bitcoin price to the north, traders may expect a retest at the $34,000 resistance level. Breaking the mentioned resistance may further allow the bulls to hit the $35,000 and above on the upside but the technical indicator Relative Strength Index (14) is likely to cross below 50-level which may bring more bearish signals in the market.
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