Bitcoin Price Prediction – July 5
The Bitcoin price drop today as the cryptocurrency breaks beneath $35,200 and heads toward $34,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $40,000, $42,000, $44,000
Support Levels: $30,000, $28,000, $26,000
BTC/USD is seen dropping with another loss of 2.38% today as the cryptocurrency falls beneath the $35,000 support level to reach the daily low at $34,034. However, the daily chart reveals that $35,000 is a very important area as it provided strong resistance for the market during yesterday’s trading; therefore, it is expected to provide strong support moving forward.
Bitcoin Price Prediction: Bitcoin Price May Drop More
The Bitcoin price is currently trading below the 9-day and 21-day moving averages at support provided by a rising support trend line of the channel; however, a break of this trend line could cause Bitcoin to unwind toward the $33,000 level. However, the king coin is currently in a critical position with the next few days dictating the direction that it will head over the next 2 weeks. A drop beneath $33,000 could be detrimental to Bitcoin as it could lead the first digital asset towards the supports at $30,000, $28,000, and $26,000.
Moreover, if the buyers can rebound from the current support level at $34,442, the first level of resistance lies at $36,000. Above this, further resistance is expected at $38,000. This may likely follow by the potential resistance at $40,000, $42,000, and $44,000 levels. Therefore, if the coin can break below these levels, then the market may be on the verge of turning bullish in the short term. Presently, the Relative Strength Index (14) is facing the south, indicating more bearish signals.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
As reveals by the 4-hour chart, the Bitcoin price is seen hovering at $33,531 as the coin trades below the 9-day and 21-day moving averages with sellers forcing its price down to the lows of $33,321. However, if the bulls decide to push the market price back above the 9-day and 21-day moving averages, the coin may likely hit the resistance at $35,000 and above.
However, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $33,000 support seem to indicate that bears are building momentum. As the Relative Strength Index (14) remains around 40-level, the coin may locate the critical supports at $32,000 and below.
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