Bitcoin price prediction is facing a fierce tug-of-war as bears come under pressure near $35,500, sending the market lower.
BTC/USD Long Term Trend: Range (Daily)
Resistance: $42,000, $44,000, $46,000
Support levels: $30,000, $28,000, $26,000
BTC/USD is heading lower from an opening price of $35,999 as bulls struggle to overcome important resistance at $36,000. The stagnation near the lower border of the channel shows that the pair is unable to increase trading volume to keep the market up and overcome key hurdles with confidence.
Bitcoin Price Prediction: Bitcoin (BTC) Likely Range-bound
This week, after Bitcoin price hit a high of $40,000, the king coin did not move much and is likely to trade in a range. However, support and resistance levels are likely to ensure little volatility on the daily chart. More importantly, the price could challenge the lower bound of the channel and could reach the nearest support at $34,000. However, the sudden drop that occurred a few days ago has brought the bears back to lows in the $35,255 support area.
According to the daily chart, Bitcoin price cannot move higher as it is currently below the 9-day and 21-day moving averages. Meanwhile, the candle has yet to close and the bulls are unlikely to close above it. More importantly, if the technical indicator Relative Strength Index (14) remains below the 40 level, Bitcoin price could hit key support levels at $30,000, $28,000 and $26,000, but instead, a move above the moving averages could be met with Potential resistance is at $42,000, $44,000, and $46,000.
BTC/USD medium-term trend: Bearish (4-hour chart)
Looking at the 4-hours chart, the bears are returning to the market as the bulls fail to hold the $36,000 level. However, if bearish momentum adds to market action, $34,000 and below could come into play.
However, if buyers hijack the current move and push it above the 21-day moving average, traders may expect a retest of resistance at $37,000; a break above this level could further send bulls to $38,000 and above. Currently, the RSI (14) signal line is breaking below the 35 level, which could provide additional bearish signals in the next negative move.