Bitcoin Price Prediction: BTC/USD Short-term Bears Target At $35,000 ByAzeez MustaphaPRO INVESTOR Last Updated: 05 June 2021 Bitcoin Price Prediction – June 4 The Bitcoin price is falling again in a narrow channel after consolidating, but buying interest could pick up if the price approaches $40,000. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $45,000, $50,000, $55,000 Support Levels: $30,000, $25,000, $20,000 BTCUSD – Daily Chart Buy Bitcoin Now During the European session today, BTC/USD started trading from the opening price of $39,248 and now dropping below the support level of $37000 at the time of writing. However, the psychological barrier of $40,000 still serves as the first important resistance within the market and a sustainable move above 9-day and 21-day moving averages may likely push the price towards the resistance level of $40,000. Bitcoin Price Prediction: Will Bitcoin (BTC) Drop More? On the intraday chart, the Bitcoin price breaks below the 9-day and 21-day moving averages, which increased the selling pressure. At the time of writing, BTC/USD is hovering at the support created below the $36,800 and if this is cleared, the sell-off may be extended to $33,000 which is around the 21-day moving average. Meanwhile, the dips to $35,000 are likely to be bought, which means the overall bullish sentiments may prevail. Moreover, if the price moves below the mentioned support, $32,000 could come into focus which served as a support during the previous consolidation period while the critical supports lie at $30,000, $25,000, and $20,000. Looking at the upside, the first resistance may likely come at $40,000 if the king coin rebounded. Once this is done, $43,000 could come back into focus. Further bullish movement may hit the potential resistance levels at $45,000, $50,000, and $55,500 as the Relative Strength Index (14) moves below 45-level. BTC/USD Medium-Term Trend: Ranging (4H Chart) The 4-hour chart shows that the Bitcoin bears are still in play within the market keeping the Bitcoin price below the 9-day and 21-day moving averages. Although BTC/USD has not yet slipped below $35,000, it’s still in the loop of making a bounce back. BTCUSD – 4 Hour Chart Moreover, the Bitcoin price is currently hovering below the 9-day and 21-day moving averages at the time of writing. The upward movement may likely push the price to the nearest resistance of $39,500 and above while the immediate support lies at $35,500 and below. The Relative Strength Index (14) is moving around the 47-level, which indicates sideways movement. 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
