Bitcoin Price Prediction: BTC/USD Retraces Below $35,000

Bitcoin Price Prediction – July 1

The Bitcoin price continues with its price slumps with a close to $2,000 drop to reach the low of $33,000 support.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $40,000, $42,000, $44,000

Support Levels: $29,000, $27,000, $25,000

At the time of writing, BTC/USD is hovering at $33,255. There have been instances when BTC has exchanged hands below $34,500 sustaining the bearish price action is a downhill task. With the look of things, the path of least resistance is still downwards. Meanwhile, looking at the daily chart shows that the formation of a bearish pennant pattern.

Bitcoin Price Prediction: BTC Fails at Critical Resistance, $31,000 Retest Incoming?

Looking at the technical indicator Relative Strength Index (14) is nose-diving towards the south; with the look of things, BTC/USD is not yet done with the downside. Despite the drop suffered, the RSI (14) is not too far from 50-level. This could mean that there may still be a room that could be explored by the bears. Meanwhile, the Bitcoin price may continue to follow the downtrend in as much as the king coin remains below the 9-day and 21-day moving averages.

On the upside, recovery may not come easy. First, support will have to be sort for above the 9-day and 21-day moving averages. Meanwhile, a sustainable move above this barrier is located around $38,500, which may negate the bearish scenario and allow for an extended recovery towards the resistance levels at $40,000, $42,000, and $44,000. However, an increase in selling pressure across the market could force the Bitcoin price towards a painful path and through various tentative supports at $29,000, $27,000, and $25,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price keeps trading below the 9-day and 21-day moving averages. BTC/USD has just survived the $32,703 support as the market resumes upside momentum. However, the first digital asset is likely to return to the bull market if the price breaks above the $34,000 level. Meanwhile, higher resistance is located at the $35,500, and as the technical indicator Relative Strength Index (14) moves to cross above 45-level.

On the other hand, if the bearish movement steps back, the support level of $32,500 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $31,000 and below if the price falls below the lower boundary of the channel.

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