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Bitcoin Price Prediction: BTC/USD Trades Above $37,400

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Bitcoin Price Prediction
Bitcoin Price Prediction

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Bitcoin Price Prediction – June 13

The Bitcoin price touches the major resistance level at $37,490 instead of just battling with supports.

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

Key levels:

Resistance Levels: $43,000, $45,000, $47,000

Support Levels: $30,000, $28,000, $26,000

Bitcoin Price Prediction
BTCUSD – Daily chart

BTC/USD is currently pushing the price above the nearest resistance level. The coin is moving above $37,000 to trade at $37,390 at the time of writing. More so, the Bitcoin price has gained over 5% since the European session as it is using $34,780 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

Bitcoin Price Prediction: What Could Be the Next Move?

The return above $37,000 could set the framework for gains towards $40,000. Meanwhile, the technical indicator shows that the bulls are ready for action especially when the up-trending Relative Strength Index (14) is considered. Any further bullish movement above the 9-day and 21-day moving averages could pave the way for gains above $38,500. Other resistance levels are located at $43,000, $45,000, and $47,000.

Looking at the downside, if the Bitcoin price falls back below the $35,000 level and move to cross below the moving averages, the bears may wrestle out the control over the situation very quickly and the next important support may come at $33,000, which could be followed by $30,000, $28,000, and $26,000 support levels.

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

Looking at the 4-hour chart, the Bitcoin price is currently trading around $38,796 above the 9-day and 21-day moving averages after a reversal from $34,840. Meanwhile, the 4-hour chart shows that the bullish supply is coming up in the market while the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

Furthermore, if the buyers could strengthen and energize the market more, they can further push the price to a $40,000 resistance level. Therefore, breaking the mentioned resistance may likely allow the bulls to test the $41,000 and above. In other words, the Relative Strength Index (14) is currently moving towards the overbought region, but when it turns down; the bears could step back into the market and bring the price to the support level of $36,000 and below.

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