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Bitcoin Price Prediction: BTC/USD Nosedives Below $39,000

Bitcoin Price Prediction – August 3

Today, the Bitcoin price loses traction after hitting $39,785; losses likely to continue in the near term.

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

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $34,000, $32,000, $30,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

Since the past few days, traders can easily see that BTC/USD is likely to be back in the red zone posting minor losses of 1.08% on the day after commencing the trading at $39,149. However, the market movement has an intraday high of $39,785; although the world’s largest crypto touches the support level of $37,980 before going back to where it is currently trading at $38,727.

Bitcoin Price Prediction: The Bitcoin Price May Plunge More

The Bitcoin price just plunged below $38,000 once again, marking $37,980 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally leaving the significant $42,000 level and searching for a new low? Looking at the declining daily volume candle, together with the steady but stable recent Bitcoin price action, it can be assumed that a stronger move may be coming up soon into the market.

At the time of writing, BTC/USD is struggling to maintain the $38,500 level and if the coin follows the downward trend as the RSI (14) crosses below the 60-level, the next supports may likely come at $34,000, $32,000, and $30,000. On the contrary, if the coin moves above the 9-day moving average, the further movement could go above the upper boundary of the ascending channel to send the price to the resistance levels of $44,000, $46,000, and $48,000 which will be well above the channel.

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

On the 4-Hour chart, BTC price hovers below the lower boundary of the channel around $38,100 which may take time to persistently trade above $39,000. However, should the bulls gather enough strength and cross above the 9-day and 21-day moving averages, the upward movement may be able to near the $41,000 and $43,000 resistance levels.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $37,000 level while the main support is at the $36,000 level. The price may likely fall below $35,500 if the bears step back into the market, a further movement could reach the critical support at the $35,000 level. Looking at it technically, the Bitcoin price is still moving in sideways while the Relative Strength Index (14) moves around 35-level, indicating an indecisive market movement.

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Author: AzeezMustaph

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