Bitcoin Price Prediction: BTC/USD Targets $31,000 Support
Bitcoin Price Prediction – July 12
The Bitcoin price crashes below $34,000 as the coin heads to the downside. This crash could take the king coin to $30,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $41,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD bears may be taking back the control of the market as they are seen forcing the king coin to bow down to fresh losses. However, the digital asset is correcting 3.11% lower on the day. At the time of writing, BTC/USD is changing hands at $33,188 after adjusting lower from $34,670 which is an intraday high. In addition, the Bitcoin price remains vulnerable to losses as long as it continues to stay under bearish movement in as much as the 9-day MA trades under the 21-day MA.
Bitcoin Price Prediction: Can BTC Price Reclaim $35,000 Level?
Looking at the Bitcoin price from a technical angle, one can say that the market price may likely follow the downtrend. For example, the technical indicator Relative Strength Index (14) may confirm the bearish movement as the signal line is seen moving below 45-level. BTC/USD is still at great risk of dropping to levels close to $31,000.
However, bulls may be banking on the resistance level of $31,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $30,000 level. On the contrary, as the coin trades below the 9-day and 21-day moving averages, any further movement below $31,000 may push the coin towards the critical supports of $30,000, $28,000, and $26,000. Meanwhile, following the upward movement, bulls may allow the price to hit the nearest resistance levels at $38,000, $40,000, and $42,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
BTC/USD is seen crossing below the 9-day and 21-day moving averages as the 4-hour chart reveals, the bears are still in control as the bulls may not be able to defend the $33,000 support. However, the $32,500, $31,500, and $29,500 support levels may come into play if the coin focuses on the downward movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
In other words, buyers could regroup and hold the support of $33,000, once this is done, traders may expect a cross above the 9-day and 21-day moving averages, breaking this barrier may push the king coin to the resistance levels of $34,000, $36,000, and $38,000. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below 40-level, suggesting a continuous bearish movement.