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Bitcoin Price Prediction: BTC/USD Slumps to $8,918, $8,800 May Be Next as Price Holds Below the MA

Bitcoin (BTC) Price Prediction – July 2

For the past few days, Bitcoin (BTC) tried to break above the $9,500 mark but with no success.

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

Key levels:

Resistance Levels: $9,700, $9,900, $10,100

Support Levels: $8,700, $8,500, $8,300

BTCUSD – Daily Chart

BTC/USD is pulling a shocking and devastating move against bullish investors following a tremendous fall from $9,251 to touch the low of today at $8,918.62. At the time of writing, BTC/USD is trading 1.46% lower on the day and hovers at $9,105. However, the bulls fail to breach the $9,300 psychological level which happens to be one of the reasons why the coin is facing a downward trend.

Moreover, as the coin is trading at $9,105 displaying an intraday loss of 1.46%. The prevailing trend is bearish with expanding volatility. Therefore, a break below the lower boundary of the channel may likely continue in the direction of the downtrend. In this case, BTC/USD could fall below $8,800 support and further movement may hit the critical supports at $8,700, $8,500, and $8,300.

However, if the bulls can hold the price to remain around the 9-day and 21-day moving averages, moving up could push the price above the upper boundary of the channel and move to $9,700 vital resistance. A further high drive could send the coin to $9,900, and $10,100 resistance levels. Unfortunately, the technical indicator RSI (14) is revealing a sign of trend reversal, which shows a possible bearish momentum in the market.

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

On the 4 hour chart, BTC/USD is trading at $9,134 as all eyes are glued on the $9,500 resistance level. Looking at the chart currently, the coin is seen moving towards the 9-day moving averages and 21-day moving averages while the existing trend is still bullish. This suggests that buyers could remain in the driver seat but rapid price actions may need to play out.

BTCUSD – 4 Hour Chart

However, at the time of writing, the Bitcoin price is recovering above $9,000 level amidst fresh buying impetus. More so, the bullish trend line remained unbroken, which is why Bitcoin’s priority still remains the same and the coin may likely retest the $9,500 mark next. Meanwhile, if the technical indicator RSI (14) continues to follow the upward movement, the coin may likely reach the resistance level of $9,300 and above while the support level to watch lies at $8,900 and below.

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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.