Bitcoin Price Prediction: BTC/USD Retests $34,800 High

Bitcoin Price Prediction – June 23

The Bitcoin bulls are working hard to nurture a bullish trend from the support at $31,708.

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

BTCUSD – Daily Chart

BTC/USD is currently trading 2.66% higher on the day after the coin opened the session at $32,538 and touches the daily high of $31,708. The first digital asset is moving within the short-term bullish trend amid low volatility. The current conditions imply that the price may stay range-bound during the next trading hours as the coin remains below the 9-day and 21-day moving averages. Meanwhile, the technical indicator Relative Strength Index (14) may start moving sideways.

Bitcoin Price Prediction: What to Expect from Bitcoin

At the opening of the market today, after testing the low of $31,708, the Bitcoin price is currently hovering at $33,402. Meanwhile, looking at the market movement, there is likely that the market may experience a quick retracement or sell-off just after touching the crucial $34,000, and traders may see $35,000 to $38,000 being tested again before pushing higher.

On the downside, if the market decides to fall, the Bitcoin price could fall towards the lower boundary of the channel at $28,000, and if that support fails to hold the sell-off, traders could see a further decline towards the support levels of $27,000, $25,000, and critically $23,000. All the same, any further bullish movement towards the upper boundary of the channel may hit the resistance levels at $40,000, $42,000, and $44,000.

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

When compares with the 4-hour chart, the Bitcoin price first touches the daily high of $34,881 but now dropping slightly. If the price continues to drop further and moves below the 9-day and 21-day moving averages, it could reach the nearest support levels at $30,500 and below.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price may likely reach the potential resistance levels of $36,000 and above. Presently, the market may be indecisive as the technical indicator Relative Strength Index (14) indicator moves above 40-level.

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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.