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Bitcoin Price Prediction: BTC/USD Trades Above $38,000 to Push Higher

Bitcoin Price Prediction – June 17

BTC/USD breaks above the 9-day moving average and moves higher as the coin is now trying to recover from the negative side.

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

Key levels:

Resistance Levels: $46,000, $48,000, $50,000

Support Levels: $34,000, $32,000, $30,000

BTCUSD – Daily Chart

After the previous price fall that was caused when BTC/USD was unable to break above $40,000, the cryptocurrency is now attempting to rebound higher. A few days ago, the Bitcoin price managed to find support at $38,105 and now making its way toward the $39,000 region again. Moreover, despite all the recent decline in price, BTC/USD now trades above the 9-day and 21-day moving averages as the bullish run continues to drive prices higher.

Bitcoin Price Prediction: Bitcoin (BTC) Heads Upward

The Bitcoin price is currently neutral at this moment and it may prevent itself from turning bearish if the coin can manage to break back above $40,000 pretty quickly. However, for the coin to start creating a short-term bullish trend, it would need to break above $39,000. More so, if the bulls push higher, the first level of resistance lies at $42,000. Above this, resistance levels are located at $46,000, $48,000, and $50,000.

On the contrary, if the sellers push lower, BTC/USD could hit the support at $34,000, $32,000, and $30,000. If the selling continues, another support lies at $28,500. Meanwhile, as the daily chart reveals, the technical indicator Relative Strength Index (14) is suggesting an upward movement for the coin where the signal line is making an attempt to cross above 50-level.

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

The 4-hour chart reveals that the market is showing a sign of weakness as the price couldn’t move above the 9-day and 21-day moving averages. Meanwhile, the intraday trading is looking bullish; following the recent rebound at $38,444 which is the key support level. The next key support levels lie at $37,000, $36,000, and $34,000.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $39,000 resistance. A climb above the mentioned resistance may further push the coin to $41,000, $43,000, and $45,000 resistance levels. As it is now, the bears may likely return to the market as the technical indicator Relative Strength Index (14) nosedives below 55-level and could continue the downward direction.

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