Bitcoin Price Prediction: BTC/USD Accelerates Toward $32,000

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – July 21

With Bitcoin price shooting close to $32,000 once again, it has done little to flip the market sentiment at this stage.

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

Key levels:

Resistance Levels: $35,000, $37,000, $39,000

Support Levels: $27,000, $25,000, $23,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

According to the daily chart, BTC/USD is correcting gains from $29,501, and it is likely to continue with a new increase as long as there is no close below $30,000.

Today, the Bitcoin price saw a steady increase above the $31,000 resistance level as the coin hovers at $31,850.

Presently, BTC/USD is settling above the 9-day moving average, but it’s yet to conquer the 21-day moving average.

Bitcoin Price Prediction: The Bitcoin Price Blows Hot Again

The Bitcoin price is seen retracing and trading above the 9-day moving average as the coin touches the daily high of $31,960 resistance level with a sign of bullish momentum.

However, a further increase in the bullish momentum may increase the price above this level, while another resistance may come at $33,000 before reaching the potential resistance of $35,000, $37,000, and $39,000 levels.

Therefore, if the resistance level of $32,000 fails to hold, it may reverse and face the support level at $30,000.

A further increase in the bears’ pressure may bring the Bitcoin price below the 9-day moving average and possibly cross below the channel’s lower boundary to hit the critical supports at $27,000, $25,000, and $23,000.

Meanwhile, the technical indicator Relative Strength Index (14) signal line moves above 40-level, suggesting a buy signal in the market.

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

According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $31,883.

However, BTC/USD is trying to cross above the channel’s upper boundary to hit the nearest resistance level of $32,500, but any bearish cross below the 9-day and 21-day MAs may bring the coin to the support level $31,000 and below.

BTCUSD – 4 Hour Chart

However, if the Bitcoin price finds a decent resistance level around $32,500 level, it may start another bullish movement above the upper boundary of the channel, which may likely reach the resistance level of $33,000 and above.

In other words, the technical indicator Relative Strength Index (14) is seen moving to cross above 60-level, suggesting additional bullish signals into the market.

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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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