Bitcoin Price Prediction for Today, July 8: BTC Jumps Above $22,000 Level
The Bitcoin price prediction revisits the resistance level of $22,000 as the king coin targets a $25,000 high.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $21,792
- Bitcoin market cap – $416.5 billion
- Bitcoin circulating supply – 19.0 million
- Bitcoin total supply – 19.0 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $28,000, $30,000, $32,000
Support Levels: $16,000, $14,000, $12,000
BTC/USD is recovering towards the upside as the first digital asset touches the resistance level of $22,490. For the past few days, the Bitcoin price has been facing the upside to the extent of moving towards the upper boundary of the channel.
Bitcoin Price Prediction: Would BTC Increase the Upward Movement?
At the moment, traders could see that the Bitcoin price is heading toward the upper boundary of the channel. Although, the 9-day MA trend-line is moving to cross above the 21-day MA as they prepare to create more upside. However, the technical indicator Relative Strength Index (14) is moving to cross above the 50-level in an attempt to probably move into the upside.
Meanwhile, a clear break above the resistance level of $24,000 could set the pace for a larger increase to $28,000, $30,000, and $32,000 resistance levels. Meanwhile, should the Bitcoin price fail to clear the resistance level of $22,000, it may experience a new decline towards the lower boundary of the channel. Therefore, if there is a downside break below the moving averages, the price could hit the support levels of $16,000, $14,000, and $12,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, BTC/USD looks bullish as the market is currently showing a sign of a bullish movement. However, following the recent rebound at $21,500 which is now a key support level, the king coin is expected to stay above this level. Meanwhile, any bearish movement below the 9-day and 21-day moving averages could locate the support level at $21,000 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish movement to $22,000 resistance. A climb above the upper boundary of the channel may further push the BTC price to the resistance level of $23,000 and above. As it appeared now, it seems the bulls may return to the market as the Relative Strength Index (14) remains above the 60-level.
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