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Bitcoin Price Prediction: BTC/USD Moves Toward $9,400 Support; Price May Return to Red Zone

Bitcoin (BTC) Price Prediction – June 13

Today, the Bitcoin price loses traction after hitting $9,524; losses likely to continue in the near term.

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

Key levels:

Resistance Levels: $10,400, $10,600, $10,800

Support Levels: $8,500, $8,300, $8,100

BTCUSD – Daily Chart

After touching the intraday low of $9,345 level, BTC/USD is recovering to trade at $9,424 at the time of writing. Despite the recovery, the first digital asset has lost over 0.42 % since the start of the day amid strong bearish sentiments that replaced the optimism after a failed attempt to break above $10,000 in a couple of days ago.

However, from a technical perspective, we can easily see that BTC/USD is currently having a bearish bias. The technical indicator RSI (14), for instance, may soon be pointing to the south. More so, if the support at 50-level fails to hold and the indicator slumps, the losses may gain momentum towards $9,000. If the sell-off materializes, BTC/USD may retest $8,800.

Moreover, if the market continues with the downward trend, the Bitcoin price could drop to the nearest support at $8,800, and should this support fails to contain the sell-off; traders may see a further roll back to $8,500, $8,300, and critically $8,100. Meanwhile, any bullish cross above the 9-day and 21-day moving averages may reach the resistance at $10,400, $10,600, and $10,800 levels.

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

On the 4-Hour chart, BTC price hovers below the 9-day and 21-day moving averages around $9,431 which may take time to persistently trade above $9,500. In addition, if the bulls gather enough strength and regroup, the upward movement may be able to near the $9,600 and $9,800 resistance level.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $9,400 level while the main support is at the $9,300 level. The price may likely fall below $9,200 if the bears step back into the market, a further movement could reach the critical support at $9,000 level. Technically, BTC/USD is still moving in sideways while the RSI (14) moves above 40-level, indicating an indecisive in the market movement.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.