Bitcoin Price Prediction: BTC/USD Sets to Retrace Above $35,000
Bitcoin Price Prediction – June 9
The Bitcoin (BTC) rebounds from the early dip at $32,408 as the buying interest may increase on approach to $37,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $27,000, $25,000, $23,000
BTC/USD is bullish as the market established a lower low around $31,000 yesterday but currently moving higher to retest previous support at $35,000. The bulls are finding some stiff resistance around the $36,000 on the road to recovery and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: What Would Happen to Bitcoin Price?
In the past few hours, after the Bitcoin price touches the daily high of $36,950, the first digital asset has been facing the resistance level of $36,000 and looking forward to touching another resistance level of $37,000. However, the daily chart technically reveals that if the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average, this will determine the next direction that the coin will follow. In other words, BTC/USD may decline if the $32,000 support is broken while the price could rise if the $37,000 resistance is breached.
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However, the bears may take advantage to break the support of $32,000 if the bulls fail to move the price above the 9-day and 21-day MAs. Meanwhile, the technical indicator Relative Strength Index (14) is now facing the north as the signal line moves above 40-level, indicating that an upward movement in the market. Therefore, if the Bitcoin price crosses above the 9-day and 21-day MAs, it could hit the resistance levels of $42,000, $44,000, and $46,000 but crossing below the lower boundary of the channel could meet the supports at $27,000, $25,000, and $23,000 respectively.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen retreating as the technical indicator Relative Strength Index nose-dives below 60-level after the king coin touches the high of $36,950. But on the upside, if the price remains above the 9-day and 21-day moving averages in the short term, bullish influence could spike and the accrued gains massively.
However, the current candle could fall to a tentative support level at $35,500. On the downside, the ultimate target remains at $34,000 and below. Moreover, the best the bulls can do is to hold above the weak support at $36,000 and keep their attention on breaking the resistance at $39,000 and above.
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