Bitcoin Price Prediction: BTC/USD Creeps Below $33,500
Bitcoin Price Prediction – July 10
The Bitcoin price is trading towards $33,000 and the coin is likely to visit the nearest support with a few downward moves.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD has been turbulent in recent days, after tight trading since June 27 with relatively low volatility. Early today, the Bitcoin price rises sharply by trading above the 9-day and 21-day moving averages. The coin even touches the resistance level of $34,267 level before correcting lower. At the time of writing, the Bitcoin price is declining towards the lower boundary of the channel as the coin remains at the downside hovering at $33,318.
Bitcoin Price Prediction: BTC Price May Move to $31,000 Support
According to the daily chart, the Bitcoin price is in a range and a crucial cross above the 9-day and 21-day moving averages may give the king coin a new positive direction. However, if any decline occurs toward the lower boundary of the channel, the price could extend its downward correction to the $3,000 level and any other loss could possibly push the first digital asset to the support level of $31,000.
Moreover, at the time of writing, BTC/USD had visited the daily low of $33,027. Therefore, a further drop may cause the market to reach the critical supports at $30,000, $28,000, and $26,000. On the contrary, if the market were to rebound, traders could see the next buying pressure above the upper boundary of the channel and towards the resistance levels of $38,000, $40,000, and $42,000. Meanwhile, BTC still is ranging on the daily chart, with the Relative Strength index (14) moving sideways.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the resistance at the $34,267 has been too heavy for the bulls to overcome today. So presently, the Bitcoin price is seriously struggling in a consolidation mode, which has made the king coin remain indecisive over the past few hours now. Therefore, the resistance level remains at $34,500 and above.
However, at the time of writing, BTC/USD is still roaming around $33,400 and traders can see that the bearish supply has been slowly turning heavy in the market. Meanwhile, the $32,200 and below may come into play as the technical indicator Relative Strength Index (14) moves sideways around 45-level.
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