Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Sets A New 2021 High; Price Touches $36,500

Bitcoin (BTC) Price Prediction – January 6

At the time of this writing, Bitcoin is trading slightly above $36,000, having reached an intraday high of $36,500.

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

Key levels:

Resistance Levels: $40,000, $40,200, $40,400

Support Levels: $31,200, $31,000, $30,800

BTCUSD – Daily Chart

BTC/USD is on a steady way up and it seems that there is nothing holding it back from reaching the higher level. After a tumultuous day of trading today, the coin has just painted a new high for 2021 as it is currently trading at $36,303. The Bitcoin price spiked above $36,000 as the market remains above the 9-day and 21-day moving averages.

Will BTC Break above $40,000 Resistance?

The price of Bitcoin is trading comfortably near the upper boundary of the channel as the price establishes a new bullish signal. However, the long-term outlook now favors the bulls, given the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $40,000, $40,200, and $40,400 respectively.

However, rejection at $36,500 could eventually lead to declines to the critical support below the 9-day moving average at $31,500. In case BTC drops and touches the low of $31,300 support, then the coin can rely on the long-term support levels at $31,200, $31,000, and $30,800. Moreover, the technical indicator RSI (14) now moves within the overbought region, suggesting more bullish signals.

BTC/USD Medium-term Trend: Bullish (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen touching the daily high at $36,500. However, today’s price move happens to be the most impressive one as it climbs above the long-awaited resistance level of $36,000 with a sharp upsurge. More so, BTC/USD is now maintaining its bull-run above $36,350 as the RSI (14) moves above 70-level.

BTCUSD – 4 Hour Chart

However, BTC may take a downward move if the bulls failed to push the price higher again. Therefore, the coin may breach below the 9-day and 21-day moving averages and could reach another support at $32,800 and below. Nevertheless, if the bulls find a decent resistance level of around $38,000, the coin may continue bullish movement above the channel at the resistance level of $38,600 and above.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.