Bitcoin price forecast rebounded from $29,735 in early trade as buying interest could increase to $35,000.
BTC/USD Long Term Trend: Range (Daily)
Resistance: $37,000, $39,000, $41,000
Support levels: $25,000, $23,000, $21,000
BTC/USD is trading below the 9-day and 21-day moving averages as the market confirms a slight uptick above $32,000, but is currently rallying to retest previous resistance at $34,000. Bulls on the road to recovery are likely to continue to find some resistance near the 9- and 21-day moving averages, and the near-term path of least resistance appears to be up in a favorable bullish technical setup.
Bitcoin Price Prediction: BTC price may surge
After hitting a daily low of $29,735 over the past few hours, the king coin is facing resistance at $32,000, looking to reclaim resistance at $35,000. However, the daily chart shows that if the 9-day moving average crosses the 21-day moving average, this will confirm the next direction the coin will follow. In other words, if the price of Bitcoin falls below the lower boundary of the channel, BTC/USD could fall.
Meanwhile, the technical indicator RSI (14) is moving away from oversold territory, indicating bullishness. Therefore, if Bitcoin price breaks above the 9-day and 21-day EMAs, it could hit resistance at $37,000, $39,000, and $41,000, but any move below the channel could hit support at $25,000, $23,000, and $21,000 bit.
BTC/USD medium-term trend: Bearish (4-hour chart)
According to the 4-hour chart, Bitcoin price is poised for a rebound as the technical indicator RSI crosses the 30 level. On the upside, if Bitcoin price stays above the 9-day moving average in the near term, the bullish influence could surge and accrued earnings rise sharply.
However, the current candle could target support at $27,500 and below, but the best thing the bulls can do is stay above the $32,000 resistance and remain focused on a break above potential resistance at $35,000 and above.
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