Bitcoin Price Prediction: BTC/USD Finds New Support below $35,000

Bitcoin Price Prediction – June 19

The Bitcoin price extends the bearish movement to the areas marginally below $35,000 after numerous trials to sustain gains above $40,000.

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

Key levels:

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

Support Levels: $28,000, $26,000, $24,000

BTCUSD – Daily Chart

BTC/USD falls below $35,300 once again as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $41,000 following a significant breakout in the last few days. However, the bearish control is noticed across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Would BTC Price Drop More?

The Bitcoin price is hovering at $35,907 with an intraday loss of 0.15%. The prevailing trend is bearish with expanding volatility. BTC/USD is currently consolidating in a bearish flag pattern. Meanwhile, a breakdown from this pattern is supposed to continue in the direction of the previous trend. In this case, the Bitcoin price is expected to drop below 9-day and 21-day MAs and could move towards the critical support levels at $28,000, $26,000, and $24,000.

However, should the Bitcoin price remains above the upper boundary of the channel; the price could rise to $42,000 vital resistance. A further bullish drive could push the price to $44,000, $46,000, and $48,000 resistance levels. The technical indicator Relative Strength Index (14) is revealing a sign of sideways movement, which shows possible indecision within the market movement.

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

At the opening of the market today, the Bitcoin price first went up but dropped slightly within 24 hours, bringing its price from $36,457 to reach around $35,384. Should the price continue to drop further and move below the lower boundary of the channel, it could reach the nearest support level of $34,000 and below.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 21-day moving average, the Bitcoin price could reach the potential resistance level of $38,000 and above. Presently, the market may continue to move sideways or experience an uptrend as the Relative Strength Index (14) indicator moves to cross above the 40-level.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.