Bitcoin Price Prediction – July 3
The Bitcoin price is caught in the middle of a bull market as the coin rises to trade above $34,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $31,000, $29,000, $27,000
BTC/USD is currently rising as the recent move marks a breakthrough in the upward movement of the recently observed period of consolidation, but it is important to note that the Bitcoin price has not exceeded any major technical level. Looking at the daily chart, BTC/USD has been trying to start the upward move since yesterday but it is struggling to gain momentum as the uptrend of the entire market comes to a standstill.
Bitcoin Price Prediction: Is Bitcoin Ready for the Upside?
At the time of writing, the Bitcoin price is trading up 2.62% at its current price of $34,691 level. Moreover, as the resistance mounts, the positive movement towards $35,000 may likely come into focus and the next few days could reveal where Bitcoin (BTC) and other altcoins will trend for as the new month begins.
However, if the bulls keep the price above the 9-day moving average, moving up further to cross the 21-day moving average could push the price above the upper boundary of the channel which may likely touch the resistance levels of $38,000, $36,000, and $34,000. Similarly, the technical indicator Relative Strength Index (14) is now facing the north, suggesting more bullish signals into the market.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, BTC/USD is trading at $34,645 as all eyes are glued to the $35,000 resistance level. Presently, the Bitcoin price is seen moving above the 9-day and 21-day moving averages while the existing trend is still bullish. However, the buyers may begin to control the market but rapid price actions may likely play out.
At the time of writing, the red-line of 9-day MA is still below the green-line of 21-day MA, and the coin may likely retest the support level of $33,500 and below if the price crosses this barrier. Meanwhile, if the technical indicator Relative Strength Index (14) continues to follow the upward movement above 50-level, BTC/USD may likely touch the resistance level of $36,000 and above.
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