Bitcoin Price Prediction: BTC/USD Dips Below $30,000 Level

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – July 20

The Bitcoin price is back under $30,000 since June 28 as the coin loses an important trend line that has supported the cryptocurrency’s uptrend.

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

Key levels:

Resistance Levels: $34,000, $36,000, $38,000

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

Bitcoin Price Prediction
BTCUSD – Daily Chart

After losing momentum above the $31,000, BTC/USD is facing another decline as the coin is seen trading below the $30,000 support level. According to the daily chart, the Resistance above $31,000 has proven too strong for bulls to break, and bears are now pushing the Bitcoin price back down to retest support lower.

Bitcoin Price Prediction: Bitcoin Price May Touch $25,000 Level

Despite the risk of losing trade below the 9-day and 21-day MAs, that means the market will continue to experience a downward movement. However, the Bitcoin price was seen following a sideways movement at one point but since the 9-day MA is still below the 21-day MA, the dramatic downside may continue to materialize. Meanwhile, if the bulls push higher, the first level of resistance could be located at $32,000.

However, a sustainable move above $33,000 is needed for the upside to gain traction as further resistance levels could be located around $34,000, $36,000, and $38,000. On the other hand, the technical indicator Relative Strength Index signal line is now facing the down below 35-level, further bearish movement could drag the coin to the critical supports at $27,000, $25,000, and $23,000 respectively.

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

Looking at the 4-hour chart, the bears are back into the market, hovering below the 9-day and 21-day moving averages. The break below this crucial barrier causes it to plunge as low as $29,300, with bulls trying to guard against a decline beneath this level. Meanwhile, unless the Bitcoin (BTC) recaptures $30,000, the bears could have the upper hand over as the king coin may soon reel significantly lower.

BTCUSD – 4 Hour Chart

In other words, any further bearish movement towards the lower boundary of the channel could see the support level of $28,500 and below. Meanwhile, as the technical indicator Relative Strength Index (14) moves below 35-level, bearish signals may continue to play out. On the other hand, if the bulls push the coin upward, the potential resistance level lies at $31,000 and above.

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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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