Bitcoin Price Prediction: BTC/USD Swings Above $38,000

Bitcoin Price Prediction – June 3

The Bitcoin price restarts the uptrend after crossing above the critical barrier of $35,000 to touch the daily high of $39,489.

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

Key levels:

Resistance Levels: $47,000, $50,000, $53,000

Support Levels: $30,000, $27,000, $24,000

BTC/USD looks green today as the price hovers above the resistance level of $38,000 from the low of $37,184. However, a daily close above the $39,000 level can continue to increase the Bitcoin price to $42,000. At the moment, all eyes focus on the next hurdle at $40,000. However, traders should note that a consistent price increase would encourage more investors to join the market as bulls increase their positions.

Bitcoin Price Prediction: Price May Break Higher

At the time of writing, the Bitcoin price is moving marginally at its current price of $38,974 with two straight bullish days. According to the daily chart, this marks a meaningful climb from the opening price of $37,581 level, therefore, it is important to note that the current movement marks a bull-favoring break above the 9-day and moving average and could also climb above the 21-day moving average as well.

Nevertheless, if the market decides to fall below the 9-day moving average, the Bitcoin price could go below the lower boundary of the channel, and if that barrier fails to hold the sell-off, traders could see a serious decline towards the support levels of $30,000, $27,000, and $24,000 respectively. All the same, any further bullish movement above the 9-day and 21-day moving averages may reach the resistance level at $47,000, $50,000, and $53,000 as the Relative Strength Index (14) moves to cross above 50-level, suggesting more bullish signals into the market.

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

According to the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages. However, intraday trading is still looking bullish as a cross above the upper boundary of the channel could hit the resistance level at $42,000 and above.

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On the contrary, if the buyers failed to keep pushing the market upward, traders can expect a retreat at the $36,000 support level, and breaking this level may further push the price below the 9-day and 21-day moving averages to reach the support level of $36,500 and below. Meanwhile, the Relative Strength Index (14) is seen moving above 60-level to enter into the overbought region.