Bitcoin Price Prediction: BTC/USD Keeps the Price Intact at $7,200; Will it Break or Bounce?

Bitcoin (BTC) Price Prediction – December 30

The price of Bitcoin is trading in a tight range between $7,002.89 and $7,691.76 for the past few days.

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

Key levels:

Resistance Levels: $7,800, $8,000, $8,200

Support Levels: $6,800, $6, 600, $6,400

BTCUSD – Daily Chart

Bitcoin has not been able to recover from a significant upsurge to end the year with a bullish note. Over the past month, the trend of BTC/USD has shown many price fluctuations. However, the price has traded between $7002 and $7691. With no signs of significant growth in the near future, BTC/USD is down with 2.17% within the last 24 hours.

Moreover, BTC/USD hit the low at $7,064 on December 27 and has been recovering ever since. The first digital coin tested area above $7,500; however, the upside momentum was not strong enough for the price to stay above critical resistance level strengthened by the 9-day and 21-day moving averages on a daily chart. Once it is out of the way, the upside is likely to gain traction with the next focus on the resistance levels of $7,800, $8,000 and $8,200 located above the channel.

Meanwhile, if the market decides to go down, Bitcoin’s price may drop to $6,900 and should this support fails to contain sell-off, we may see a further drop to $6,800, $6,600 and potentially $6,400. The RSI (14) for Bitcoin price moves below the 50-level and turning downward, the market may fall to immediate supports.

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

Following the 4-hour chart, Bitcoin bears have now taken control and pushed the BTC price below its previous support level that existed around $7,200. Although, the Bitcoin price has not yet slipped below $7,000 and it’s still in the loop of making a bounce back. Its price hovers around $7,220.02 and may take time to persistently trade above $7,400.

BTCUSD – 4 Hour Chart

Nevertheless, BTC/USD is currently moving below the 9-day and 21-day moving averages and any upward movement may likely push the price near the $7,400, $7,450 and $7,500 resistance levels while the immediate support lies at $7,100, $7,050 and $7,000. The RSI (14) nosedives to 40-level, which may likely give more bearish signals before a reversal could play out.

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About AzeezMustaph

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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