The Bitcoin price prediction revisits the resistance level of $30,000 as the king coin targets $31,000 high.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $35,000, $37,000, $39,000
Support Levels: $25,000, $23,000, $21,000
BTC/USD is recovering towards the upside as the first digital asset crosses above the resistance level of $30,989. For the past few days, the Bitcoin price has been facing the downside to the extent of touching the monthly low at $25,338.
Bitcoin Price Prediction: Would BTC Drop More?
Presently, traders could see that the Bitcoin price is trying to recover from its opening price of $28,941. Although, the 9-day MA trend-line is still below the 21-day MA as they prepare to create more downsides. On the contrary, the technical indicator Relative Strength Index (14) is moving away from the oversold region in an attempt to probably cross into the upside.
However, a clear break above the resistance level of $30,000 could set the pace for a larger increase to $35,000, $37,000, and $39,000 resistance levels. Meanwhile, should the Bitcoin price fail to clear the resistance level of $30,000, it may continue a new decline below the lower boundary of the channel. Therefore, if there is a downside break below this barrier, the price could hit the support levels of $25,000, $23,000, and $21,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
According to the 4-hour chart, BTC/USD looks bearish as the market is currently showing a sign of a bullish movement. However, following the recent rebound at $30,093 which is now a key support level, the king coin is expected to stay above this level. Meanwhile, any bearish movement below the 9-day and 21-day moving averages could locate the support level at $28,000 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish movement to $32,000 resistance. A climb above the upper boundary of the channel may further push the BTC price to the resistance level of $33,000 and above. As it appeared now, it seems the bulls may return to the market as the Relative Strength Index (14) moves to cross above 50-level.
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