Bitcoin Price Prediction – July 12
The Bitcoin price sees a 4.3% decline over the past few hours as the cryptocurrency fails at $34,670 and heads lower.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $29,000, $27,000, $25,000
BTC/USD loses its momentum after touching key resistance above $34,500. As of writing, the pair is down 4.3% on the day at $32,786 trading below the 9-day and 21-day moving averages. Meanwhile, looking at the daily chart, Bitcoin may struggle to close above $33,000 and if it does, it should be free to rise well above $35,000 if it moves in the next positive directions.
Bitcoin Price Prediction: Can Bitcoin Price Trade Above $35,000?
After a slightly positive move above $34,000, the Bitcoin price slumps below the 9-day and 21-day moving averages. Over the past few weeks, the king coin has really been struggling to break above the moving averages. Moreover, in today’s session, the coin attempted to push higher as it reached $34,670, but the sellers step in and start pushing the coin lower to touch the daily low of $32,665.
Moreover, the $32,000 may serve as the nearest support level, which may likely make room for the coin to fall further with the supports of $29,000, $27,000, and $25,000. The Relative Strength Index (14) for the coin nosedives below 45-level indicates a downward movement. Meanwhile, on the contrary, BTC/USD may likely see the resistance levels of $38,000, $40,000, and $42,000 if it finds its way above the upper boundary of the channel.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-Hour chart, the BTC price hovers around $32,930 and could take time to cross above the 9-day and 21-day moving averages. More so, if the bulls gather enough strength, the upward movement may be able to near the $34,000 and $34,500 resistance levels.
On the downside, immediate support is around the $31,000 level while the main support is at the $31,500 level. Therefore, the Bitcoin price may likely fall below the lower boundary of the channel if the bears put more pressure on the market, a further movement could reach the critical supports. Technically, the Relative Strength Index (14) moves to cross above 40-level, suggesting a bullish movement.
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