Bitcoin Price Prediction: BTC/USD Price Hunts for $34,000
Bitcoin Price Prediction – June 27
Bitcoin price is fighting to hold above the $32,000 but overhead pressure continues to make this task a difficult one for the bulls.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $28,000, $26,000, $24,000
At the time of writing, BTC/USD is seeking support above $32,000 to avoid extending the bearish leg to $30,000. The 9-day moving average is also a key level in the mission to avert the losses, perhaps reverse the trend for gains heading to $35,000. Alternatively, the BTC bulls need to find acceptance above the intraday high of $33,590 to refuel the recovery momentum.
Bitcoin Price Prediction: Can Bitcoin Price Go Higher?
The Bitcoin price is stable above $32,500 as it is currently attempting an upside break above the 9-day and 21-day moving averages. Meanwhile, a close above $34,000 could open the doors for a larger increase in the coming sessions as BTC/USD is slowly moving higher towards the $34,000 resistance level. However, the key resistance level may be located around $36,000, while the bulls could hit the potential resistance at $38,000, $40,000, and $42,000 in the near term.
On the other hand, if there is no clear break above $33,000, there are chances of a fresh decline. However, as the 9-day MA remains below the 21-day MA, the coin may stay within the negative side and initial support is near the $30,000 level. The main support is now forming near the $31,000 level, below which the price could dive towards the supports of $28,000, $26,000, and $24,000 as the technical indicator Relative Strength Index (14) remains above the 40-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, a retest of $32,900 gives the impression that the bulls are not yet done with the market movement. The Bitcoin price rises to fill a significant gap as the bulls may take the coin towards the $33,000. In a short time, the Bitcoin price may hit $34,000 if the bullish pressure continues. Otherwise, the price may revisit the supports of $31,000 and below.
On the upside, a bullish move may hit the resistance at $35,000 and above. As of now, the Relative Strength Index (14) is moving below 50-level, this could mean that the Bitcoin price may still trade downward.
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