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Bitcoin Price Prediction: BTC/USD Fails to Trade Above $35,000

Published on

July 6, 2021

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)

Key levels:
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.

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : July 6, 2021

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