Bitcoin (BTC) Price Prediction – July 1
Bitcoin bulls are working hard to nurture a bullish trend from the support at $9,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $9,800, $10,000, $10,200
Support Levels: $8,700, $8,500, $8,300
Bitcoin is currently trading 1.68% higher on the day. BTC/USD opens the session at $9,108 and now adjusting upwards to the prevailing market value of $9,311. However, the king coin is moving within the short-term bullish trend amid low volatility. The current conditions imply that the price may stay range-bound during the next trading hours as the coin moves above the 9-day moving average. Meanwhile, the technical indicator RSI (14) may start moving upwards.
At the opening of the market today, after testing the low of $9,049, BTC/USD is currently trading at $9,289. Meanwhile, looking at the market movement, there is likely that the coin may experience a quick retracement if it moves above the 21-day moving average to touch the crucial $9,300 resistance, and traders may see $9,200 to $9,000 being tested again before pushing higher.
On the downside, if the market decides to fall, the price of Bitcoin could fall below the moving averages at $9,000, and if that support fails to hold the sell-off, traders could see a further decline below the lower boundary of the channel and towards the support levels of $8,700, $8,500 and critically $8,300. All the same, any further bullish movement above the moving averages may hit the resistances at $9,800, $10,000, and $10,200.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
On the 4-hour chart, we expect the coin to gain the lost momentum and hit the trade above $9,500. However, the volatility hovers, and the selling pressure still exists which leads the coin not to be able to cross above the upper boundary of the channel. Meanwhile, the $9,000 and below may come into play if BTC breaks below moving averages.
However, in as much as the buyers reinforce and power the market, traders can expect a retest at $9,400 resistance level, and breaking this level may further allow the bulls to reach $9,500 and above. The RSI (14) is seen trading above 60-level which shows that more bullish signals may likely play out.