Bitcoin Price Prediction: BTC/USD Retraces Below $35,000 ByAzeez MustaphaPRO INVESTOR Updated: 01 July 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Price Prediction – July 1 The Bitcoin price continues with its price slumps with a close to $2,000 drop to reach the low of $33,000 support. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $40,000, $42,000, $44,000 Support Levels: $29,000, $27,000, $25,000 BTCUSD – Daily Chart Buy Bitcoin Now At the time of writing, BTC/USD is hovering at $33,255. There have been instances when BTC has exchanged hands below $34,500 sustaining the bearish price action is a downhill task. With the look of things, the path of least resistance is still downwards. Meanwhile, looking at the daily chart shows that the formation of a bearish pennant pattern. Bitcoin Price Prediction: BTC Fails at Critical Resistance, $31,000 Retest Incoming? Looking at the technical indicator Relative Strength Index (14) is nose-diving towards the south; with the look of things, BTC/USD is not yet done with the downside. Despite the drop suffered, the RSI (14) is not too far from 50-level. This could mean that there may still be a room that could be explored by the bears. Meanwhile, the Bitcoin price may continue to follow the downtrend in as much as the king coin remains below the 9-day and 21-day moving averages. On the upside, recovery may not come easy. First, support will have to be sort for above the 9-day and 21-day moving averages. Meanwhile, a sustainable move above this barrier is located around $38,500, which may negate the bearish scenario and allow for an extended recovery towards the resistance levels at $40,000, $42,000, and $44,000. However, an increase in selling pressure across the market could force the Bitcoin price towards a painful path and through various tentative supports at $29,000, $27,000, and $25,000. BTC/USD Medium-Term Trend: Ranging (4H Chart) According to the 4-hour chart, the Bitcoin price keeps trading below the 9-day and 21-day moving averages. BTC/USD has just survived the $32,703 support as the market resumes upside momentum. However, the first digital asset is likely to return to the bull market if the price breaks above the $34,000 level. Meanwhile, higher resistance is located at the $35,500, and as the technical indicator Relative Strength Index (14) moves to cross above 45-level. BTCUSD – Daily Chart On the other hand, if the bearish movement steps back, the support level of $32,500 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $31,000 and below if the price falls below the lower boundary of the channel. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 75% of retail investor accounts lose money when trading CFDs with this provider Join Our Telegram channel to stay up to date on breaking news coverage