Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Jumps Back to $34,000

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – June 23

The Bitcoin price is trying to hold above the $34,000 but overhead pressure from the bears continues to make this task a difficult one for the bulls.

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

Key levels:

Resistance Levels: $40,000, $42,000, $44,000

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

Bitcoin Price Prediction
BTCUSD – Daily Chart

At the time of writing, BTC/USD is seeking support above $34,000 to avoid extending the bearish leg to $28,000. But as it is, the Bitcoin price may still continue with the downtrend as the red-line of the 9-day moving average is about crossing below the green-line of the 21-day moving average. Alternatively, the BTC bulls need to find acceptance above the intraday highs of $34,881 to refuel the recovery momentum.

Bitcoin Price Prediction: Would Bitcoin Price Stay Above $34k?

The Bitcoin price is hovering at $34,029 as it is currently attempting an upside break towards the 9-day and 21-day moving averages and a close above $34,000 resistance could open the doors for a larger increase in the coming positive moves. In the past few days, Bitcoin price traded in a range above the $29,000 support zone. However, BTC/USD is currently moving higher towards the $34,000 level and the next key resistance level may be found at 38,000, above which the bulls are likely to hit the potential resistance at $40,000, $42,000, and $44,000 in the near term.

On the other hand, if there is no clear break above $34,000, there are chances of a fresh decline. However, as the 9-day MA stays below the 21-day MA, the coin may stay within the negative side and initial support is near the $31,000 level. The main support may be forming near the $30,000 level, below which the price could dive towards the supports of $27,000, $25,000, and $23,000 as the technical indicator Relative Strength Index (14) moves above the 40-level.

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

On the 4-hour chart, a retest of $34,000 gives the impression that bulls are not yet done. The Bitcoin price rises to fill a significant gap as the bulls remained in control which may take the coin towards the $35,000. However, the Bitcoin price may hit the $35,000 level if the bullish pressure continues. If not, the king coin may revisit the support level of $32,000 and below.

BTCUSD – 4 Hour Chart

On the upside, a further bullish move may hit the resistance at $36,000 and above. As of now, the Relative Strength Index (14) is moving above 45-level, this could mean that the BTC/USD trading is looking for another close resistance and a significant cross below the moving averages may send the market in a bearish scenario.

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

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

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close