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Bitcoin Price Prediction: BTC/USD Short-term Bears Move Below $9,200 As The Bulls Stay Inactive

Bitcoin (BTC) Price Prediction – June 30

BTC/USD resumes the decline after consolidation in a narrow channel but the buying interest may increase on approach to $9,500.

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

Key levels:

Resistance Levels: $9,700, $9,900, $11,100

Support Levels: $8,600, $8,400, $8,200

BTCUSD – Daily Chart

At the early hours of today, after touching $9,205.86, BTC/USD is seen retreating towards the support of $9,000 at the time of writing. The Bitcoin price has been recovering slowly after a volatile start of the week. Meanwhile, the psychological barrier of $9,500 still serves as the first important resistance within the market. More so, a sustainable move above this level may likely push the price towards the weekly high at $9,300.

Meanwhile, on the daily chart, BTC/USD keeps moving below the 9-day and 21-day moving averages, which increases the selling pressure. More so, if this continues, the sell-off may be extended below the lower boundary of the descending channel. In addition, the dips to $8,800 are likely to be bought, which means the overall bullish sentiments may prevail.

Moreover, if the price moves below the mentioned-support, $8,700 could come into focus which served as a support during the previous consolidation period while the critical supports lie at $8,600, $8,400, and $8,200. On the upside, the first resistance may come at $9,400. Once it is clear, $9,500 may come back into focus. Further bullish movement may hit the potential resistance levels at $9,700, $9,700, and $10,100 as the technical indicator RSI (14) moves below 45-level.

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

BTC/USD on 4-hour chat is currently in the ascending range of the medium-term outlook. On the flip side, if $9,500 remains unconquered in the short term, bullish influence could spike. In this case, the accrued gains could be trimmed massively.

BTCUSD – 4 Hour Chart

The technical indicator RSI (14) is retreating even though it had not reached the 45-level. As long as the downward trend continues, keeping Bitcoin above $9,500 will be a daunting task. In this case, it is best we look at possible support levels, starting at $8,900, $8,700, and $8,500. While the resistance lies at $9,400 and above.

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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.

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