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Bitcoin Price Prediction: BTC/USD Touches $9,297 Support; A Big Fall May Play Out

Bitcoin (BTC) Price Prediction – June 14

Today, BTC/USD faced a pullback as the price slid below $9,300 and tested support near $9,297 price area.

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

Key levels:

Resistance Levels: $10,500, $10,700, $10,900

Support Levels: $8,400, $8,200, $8,000

BTCUSD – Daily Chart

Since a few days ago, BTC/USD has not been able to breach the $10,000 resistance level following a recent rejection at $10,032. On the downside, support has been established at $9,300. BTC/USD is trading at $9,390 at the time of writing. The prevailing trend is having a bearish bias but the bullish interest has not left the market in spite of the resistance at $10,000.

However, the market is deciding below the 9-day and 21-day moving averages, where the buyers are anticipating a clear break down below the channel. More so, if the green-line of 21-day MA crosses above the red-line of 9-day MA, the market may experience more downtrends. Nevertheless, should the $9,500 level holds, the $9,800 and $10,000 levels may further surface as potential resistances where a strong bullish spike might take the price to the resistance levels of $10,500, $10,700, and $10,900.

Moreover, if the market continues to follow the downward trend, the price of Bitcoin may drop to $9,000, and should this support fails to contain sell-off, we may see a further roll back to $8,400, $8,200, and $8,000 support levels. Meanwhile, the technical indicator RSI (14) is facing down, the market may fall to immediate supports.

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

On the 4-hour chat, Bitcoin bears are stepping back into the market, pushing the price below the 9-day and 21-day moving averages around $9,366. Although, the Bitcoin price has not yet slipped below $9,000 support level as the coin is still in the loop of making a bounce back at its price hovers around $9,396 which may take time to persistently trade above $10,000.

BTCUSD – 4 Hour Chart

At the moment, BTC/USD is making an attempt to cross below the lower boundary of the channel as the technical indicator RSI (14) is moving above 40-level. If it crosses below 40-level, the coin could resume a bearish movement which may likely drag the Bitcoin price to the nearest supports at $9,100, $8,900 and $8,700 while the potential resistance lies at $9,700, $9,900 and $10,100.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.