The Bitcoin price prediction rebounds from the early dip at $29,735 as the buying interest may increase approach to $35,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $37,000, $39,000, $41,000
Support Levels: $25,000, $23,000, $21,000
BTC/USD is trading below the 9-day and 21-day moving averages as the market establishes a slight rise above $32,000 but currently rebounding to retest previous resistance at $34,000. The bulls may continue to find some resistance levels around the 9-day and 21-day moving averages on the road to recovery and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: BTC Price Could Spike Higher
In the past few hours, after the Bitcoin price touches the daily low of $29,735, the king coin is facing the resistance level of $32,000 and looking forward to reclaiming the resistance level of $35,000. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the Bitcoin price breaks below the lower boundary of the channel.
Meanwhile, the technical indicator Relative Strength Index (14) is moving away from the oversold region, indicating a bullish movement. Therefore, if the Bitcoin price crosses above the 9-day and 21-day MAs, it could hit the resistance levels of $37,000, $39,000, and $41,000 but any movement below the channel could hit the supports at $25,000, $23,000, and $21,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen rebounding as the technical indicator Relative Strength Index moves to cross above the 30-level. On the upside, if the Bitcoin price stays above the 9-day moving average in the short term, bullish influence could spike and the accrued gains massively.
However, the current candle may target the support level at $27,500 and below but the best the bulls can do is to hold above the resistance level of $32,000 and keep their attention on breaking the potential resistance at $35,000 and above.
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