Bitcoin Price Prediction: BTC/USD Creeps toward $31,000

Bitcoin Price Prediction – June 25

The Bitcoin price is trading below $32,000 and the coin is likely to climb steadily with a few downward moves.

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

Key levels:

Resistance Levels: $37,500, $39,500, $41,500

Support Levels: $26,500, $24,500, $22,500

Bitcoin Price Prediction
BTCUSD – Daily Chart

In recent days, BTC/USD has been turbulent keeping its price above the 9-day and 21-day moving averages. During the European session today, the Bitcoin price rises sharply by moving above the resistance level of $32,500. The coin even exceeded this level before correcting lower. At the moment, the price is declining and remains below the 21-day moving average at $31,426.

Bitcoin Price Prediction: What is the Next Direction?

A crucial uptrend could form above the 9-day and 21-day MAs, with support close to $30,000 on the daily chart. However, if the decline occurs below this barrier, the price could extend its downward correction to the $28,000 level and any other loss could possibly push the Bitcoin price to the support level of ​​$26,000.

At the time of writing, the Bitcoin price had dropped to $30,173. However, a further drop may cause the market to reach the critical supports at $26,500, $24,500, and $22,500. In other words, if the market were to rebound, traders could see the next buying pressure towards the resistance levels of $37,600, $39,500, and $41,500. Nevertheless, BTC still ranging on the daily chart, with the Relative Strength Index (14) moving sideways.

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

Looking at the 4-hour chart, the resistance at the $32,000 was too heavy for the bulls to overcome. So the price is seriously struggling in a consolidation mode, which has made BTC remain indecisive over the past few hours now. The resistance levels to watch are 34,000 and above.

BTCUSD – 4 Hour Chart

However, the Bitcoin price is still roaming around $31,755 and we can see that the bullish supply has been slowly turning heavy in the market, while the bears are trying to drag the price below $32,000 support. Meanwhile, the $30,200 and below may come into play if BTC breaks the mentioned support. The technical indicator RSI (14) is moving to cross below the 40-level, suggesting more bearish signals.

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Author: AzeezMustaph

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