Bitcoin Price Prediction: BTC/USD Short-term Bears Target At $35,000

Bitcoin Price Prediction

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

Bitcoin Price Prediction
BTCUSD – Daily Chart

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.

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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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