10:55Bitcoin Price Prediction: BTC/USD Retreats Below $35,000
Today, the Bitcoin price tried to break above the $35,000 mark but with no success as the coin drops below the moving averages.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Bitcoin Price Prediction: Is there any Expectation for the Bitcoin Price?
However, on the downside, any other drop below the opening price of $33,697 could open with losses and may increase fast towards the nearest support at $3200. Moreover, a lower price for Bitcoin is the only way to create support and bring back buyers into the market. More so, the fight to remain above $35,000 will continue to take precedence.
On the upside, a recovery above the $36,000 level could pave the way for another run-up to $38,000, $40,000, and $42,000 respectively. On the flip side, support is expected at $30,000, $28,000, and $26,000. Therefore, it is apparent that bears have more strength with the Relative Strength index (14) to print a bearish session.
According to the 4-hour chart, the Bitcoin price is currently trading around $34,002 and below the 21-day moving average after falling from $34,521 where the coin touches today. However, from a technical point of view, the trend is in the hands of the sellers.
Nevertheless, the Relative Strength Index (14) is moving below the 50-level but as long as the downward trend continues, keeping Bitcoin above $35,000 may not come easy. In this case, it is best the traders look at possible support levels located at $32,500 and below while the resistance levels lie at $35,500 and above.
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