Bitcoin Price Prediction: BTC/USD Currently Trades Strongly Around a Key Resistance Line at $29,500

Bitcoin (BTC) Price Prediction – December 31

BTC/USD market currently trades around the main resistance level at $29,500 point or thereof with a possible attempt to average the next immediate resistance line at $30,000 in a near time.

Meanwhile, that could only be achieved if the bulls firmly push in their current efforts as far as the $29,500 remains hard to be broken downward afterward in the next trading operations. A fearful downward move at that point may create a signal for the bears to prepare a come-back into the flagship-crypto.

Resistance Levels: $30,000, $32,500, $34,500
Support Levels: $22,500, $20,000, $17,500

BTC/USD – Daily Chart
Since the BTC/USD price had successfully rebounded from $22,500 line, the crypto progressively pushes northbound to trade around a new high resistance value at $29,500 as at the time of writing. The crypto-currency pair is prone to witness a pit stop around $30,000 value if it manages to continue with the current northward moving spree.
The fact about the crypto trade remains, there are rooms for more ups than downs as the bears have never had a clear signal to safely denote visible weakness in the current BTC/USD bullish path.

BTCUSD 4-hour Chart
On the 4-hr trading chart, there has been a line of increases and falls in the crypto-economy around two critical market values spotted at $28,000 and $26,000 range lines. The BTC/USD price trades in the region of the upper range point. And, if the BTC/USD bulls lessen their stance in the market at the said line, it could lead to giving away for the bears to take the advantage to down-force the value back to test low support around the lower range line.

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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.