Bitcoin Price Prediction – July 6
Bitcoin price attempted a cross above the resistance level of $35,000, but the coin failed to continue higher.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD is currently trading at a crucial resistance under the $35,000 level while a break above this key resistance could potentially push the first digital asset back into bullish domains. Meanwhile, a key indicator is on the verge of breaking out of the sideways movement which could potentially lead to a reversal from the current bearish price trends.
Bitcoin Price Prediction: Would Bitcoin Sustain Recovery to $36,000?
After touching the daily high at $35,100, the Bitcoin price is seen retracing and trading under the 9-day and 21-day moving averages while the market price stays beneath as a sign of bullish momentum. However, a further increase in the bullish momentum may increase the price above the resistance level of $35,500; above it is another resistance at $36,000 before reaching the potential resistance of $38,000, $40,000, and $42,000 levels.
On the contrary, should the $34,000 resistance level holds, the Bitcoin price may reverse and face the support level at $33,000; therefore, further increase in the bears’ pressure may push down the price below the lower boundary of the channel and possibly hit the critical supports at $30,000, $28,000, and $26,000. Meanwhile, the technical indicator Relative Strength Index (14) is moving around 45-level, crossing below it may ignite sell signals into the market, and breaking above the moving averages may cause the coin to resume the bullish movement.
BTC/USD Medium - Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the fast-moving 9-day MA remains below the slow-moving 21-day MA; the market price is trading below the 21-day moving average as a sign of bearish momentum. However, in case the current market value of $35,052 level still holds, the bears may exert pressure to break down the important support level and the price may decline to $33,000 and below.
Moreover, should the bulls increase their pressure and push the market price above the 21-day moving average, the resistance level of $34,600 may be penetrated and the price may increase to $35,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving around 47-level to indicate sideways movement while crossing below this level may suggest a bearish signal.