BTC Fails to Hold Above $38,000 Level

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Bitcoin Price Prediction
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Bitcoin price prediction is currently consolidating and appears to be preparing for the next move above the $39,000 resistance.

BTC/USD Long Term Trend: Range (Daily)

Critical level:

Resistance: $42,000, $44,000, $46,000

Support levels: $34,000, $32,000, $30,000

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BTCUSD – Daily Chart

Having failed to close above the 9-day moving average, BTC/USD was unable to break the $38,000 resistance again with the current consolidation pattern. Bitcoin (BTC) started the day off, trending higher to the north, only to roll and fall to trade inside the channel. Likewise, the first level of support could be located around $35,000. Beneath this, support lies at $34,000, $32,000, and $30,000.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

Bitcoin price is consolidating below the 9- and 21-day moving averages; however, with the technical indicator RSI (14) dipping below the 40 level, each breakout attempt is less likely to fail. In the next positive move, BTC could break above the moving averages. Although the candle has yet to close, it looks like the bulls could finally settle above this barrier as potential resistance levels could lie at $42,000, $44,000, and $46,000.

BTC/USD medium-term trend: Bearish (4-hour chart)

Looking at the 4-hour chart, BTC/USD may need to recover above $38,000 and move towards the upper border of the channel to relieve other short-term bearish pressure before it can hit the nearest resistance at $39,000. However, this psychological hurdle could be followed by resistance at $40,000 and $42,000.

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BTCUSD – 4-hour chart

Conversely, the nearest support is likely at $37,000, while a sustained move lower would add to the downside pressure and push the price towards the $36,000 and $35,000 support levels. Consider that the technical indicator RSI (14) on the 4-hour chart is starting to resume its upside, as traders may expect a bullish situation to emerge.

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