The Bitcoin price prediction consolidates below the $40,000 barrier and may be doing this for another bullish movement to the $42,000 level.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $43,000, $45,000, $47,000
Support Levels: $36,000, $34,000, $32,000
BTC/USD touches the daily high of $39,846 before heading to the downside to create a new low. At the moment, the Bitcoin price may continue to face down with 0.06% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator Relative Strength Index (14) may also cross below 40-level. At the time of writing, the price of Bitcoin is hovering at $39,440.
Bitcoin Price Prediction: Could BTC Price Push Higher Again?
According to the daily chart, the nearest support at $39,000 may be tested to the downside as the price consolidates, and failure of the noted support could see the Bitcoin price crossing below the lower boundary of the channel. More so, below this barrier is likely to slow down the correction and could serve as a jumping-off ground for another recovery attempt; therefore, if it is out of the way, the support level of $36,000, $34,000, and $32,000 may come into play.
In the meantime, the Bitcoin price may recover from the recent low of $39,360 but the resistance at $39,500 still stands in the way of movements to $40,000. More so, BTC/USD is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $42,000 in other to resume its upward movement towards $43,000, $45,000, and $47,000 resistance levels.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-Hour chart, BTC/USD is currently trading above the 9-day moving average, and it could cross above the 21-day moving average to continue the bullish movement. The Bitcoin price is hovering around $39,867 and may take time to persistently trade above the resistance level of $40,000. In addition, the upward movement may likely touch the resistance level of $42,000 and above if the bulls push higher again.
Meanwhile, on the downside, the price could fall below the 9-day moving average if the bears resume back into the market; therefore, a further movement could hit the critical support at the $38,000 level and below. Moreover, the Relative Strength Index (14) moves to cross above 50-level, indicating a bullish movement.
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