Bitcoin (BTC) Price Prediction – July 25
BTC/USD is seen getting ready for the push to the long-awaited resistance level of $10,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $10,000, $10,200, $10,400
Support Levels: $9,200, $9,000, $8,800
BTC/USD has hit the price area around $9,700 after a few days of despairing trade. The daily chart shows that the coin is currently correcting upwards, we believe that BTC/USD is likely to cross resistances instead of just battling inactive supports. Today, BTC/USD is seen trading at $9,688 after closing at $9,549 yesterday.
However, the coin trades above the upper boundary of the channel today and may continue to head upward if the technical indicator keeps moving above the 60-level. Looking at the daily chart, BTC/USD is now trading above the crucial levels that may now function as the support zones in the event a reversal occurs.
Meanwhile, on the upside, as the coin moves above the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $10,000 as long as the technical indicator RSI (14) remains above 60-level.
Nevertheless, the bulls are banking on the support at $9,200, $9,000, and $8,800 to ensure that in spite of a reversal, the Bitcoin price could stay above $9,700 level. Similarly, the nearest resistance levels to keep watching on are $10,000, $10,200, and $10,400 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart for BTC is still looking bullish as the market has been showing a sign of bullish trend since the daily opening. However, intraday trading is still following the upward movement; following the recent rebound at $9,573 which is now a key support level. The next key support levels are $9,500, $9,300, and $9,100.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $9,800 resistance. A climb above the mentioned resistance may further push the BTC price to $9,850, $10,050, and $10,250 resistance levels. As it is now, it seems the bulls may continue to dominate the market as long the RSI (14) stays within the overbought, suggesting more bullish signals.