Bitcoin Price Prediction: BTC/USD Warms Up For $40,000
Bitcoin Price Prediction – June 28
The Bitcoin price is finally seeing a glimpse of hope today with a decent 0.64% price increase trading close to the resistance of $35,500.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $40,000, $42,000, $43,000
Support Levels: $30,000, $28,000, $26,000
According to the daily chart, BTC/USD is bracing for a jump to the resistance level of $40,000 but as it is now; the coin is seen moving between $33,500 to $35,300 levels. Whether the Bitcoin price is going up or down depends on this range as the technical indicator Relative Strength Index (14) is seen moving towards 50-level since a couple of days ago.
Bitcoin Price Prediction: Would Bitcoin Price Reach $40,000 Level?
At the time of writing, the Bitcoin price is seen putting efforts to cross above the 9-day and 21-day moving averages. However, if the daily price can close above the upper boundary of the channel, the bulls may likely push the current market value to the resistance levels of $40,000, $42,000, and $44,000.
In other words, if the daily price moves toward the lower boundary of the channel around $32,000 level, the king coin might drop slightly drop below the 9-day and 21-day moving averages but the red-line of 9-day MA may serve as the critical support for the coin but a break below this may lead to a further supports at $30,000, $32,000, and $34,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is currently hovering around the $34,635 level. The first digital crypto remains above the 9-day and 21-day moving averages after a reversal from $32,430. However, the 4-hour chart reveals that the bullish supply is seen coming up slowly in the market as the bears are also trying to drag the price down.
Moreover, if the buyers could put more effort, they can further push the Bitcoin price to a $36,000 resistance level. In addition, if the coin breaks the resistance level of $36,000; it could retest the $37,000 and above. More so, the technical indicator Relative Strength Index (14) failed to cross above 60-level at the time of writing, which may allow the sellers to bring the price back to the support level of $33,000 and below.
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