Bitcoin Price Prediction: BTC/USD Climbs Above $35,000 Again
Bitcoin Price Prediction – June 24
Looking at the daily chart, the Bitcoin price is showing positive signs and it is likely to accelerate further higher in the near term.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $40,000, $42,000, $44,000
Support Levels: $28,000, $26,000, $24,000
According to the daily chart, after touching the daily low of $32,300, BTC/USD breaches $35,000 as all-time high beckons. The king coin is seen touching the 9-day and 21-day moving averages at $35,295. More so, the Bitcoin price is within touching distance of forming a new all-time high above the $35,000, which is quite remarkable.
Bitcoin Price Prediction: Will BTC Price sees a Further Upside?
At the time of writing, the Bitcoin price is seen trading comfortably towards the upper boundary of the channel as the price establishes a new bullish signal. Like the look of things, one could say that the long-term outlook is favoring the bulls, giving the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $40,000, $42,000, and $44,000 respectively.
However, any drop from the current level could lead to declines to the critical support and caused the coin to remain below the 9-day and 21-day moving averages. In case BTC/USD drops and touches the low of $30,000 support, then the coin can rely on the long-term support levels at $28,000, $26,000, and $24,000. Moreover, the technical indicator Relative Strength Index (14) is now moving above 40-level, suggesting more bullish signals.
BTC/USD Medium-term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $34,795. However, today’s price move happens to be an impressive one as it climbs above the long-awaited resistance level of $35,000 with a sharp upsurge. However, the Bitcoin price is now maintaining its bull-run around the upper boundary of the channel as the technical indicator Relative Strength Index (14) moves above 50-level.
On the contrary, BTC/USD may take a downward move if the bulls failed to push the price above the channel and the first digital asset may drop below the 9-day and 21-day moving averages which could reach a critical support level of $32,000 and below. Nevertheless, if the bulls find a decent resistance level above $35,000, the coin may continue the bullish movement by crossing above the channel to reach the resistance level of $37,000 and above.
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