Bitcoin Price Prediction – July 14
Today, the Bitcoin price touches the daily low at $31,600 as losses under $30,000 beckon.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $37,000, $39,000, $41,000
Support Levels: $28,000, $26,000, $24,000
In the past three sessions, BTC/USD mostly experiences bearish moves below $33,500. The Bitcoin price is breaking many important supports near $32,200 and $32,000 and it seems like bears are gaining strength and they might aim for a test of 30,000 support. However, any more losses could spark a larger decline towards the lower boundary of the channel and the bears could hold BTC/USD below the $30,000 support.
Bitcoin Price Prediction: Can Bitcoin (BTC) Still Make it to the Top?
According to the daily chart, the Bitcoin price seems to have accepted that recovery is not possible at this moment in time. However, despite holding the current market price above $32,000, this support has been overwhelmed amid the ongoing mid-week trading session. Thus, Bitcoin price is teetering around $31,811 while bears tighten their grip. In other words, the Bitcoin price is expected to rise above the 9-day and 21-day moving averages before heading towards the potential resistance levels at $37,000, $39,000, and $41,000.
Moreover, the Bitcoin price has been moving downwards since June 15 after it reached a local high of $41,322. However, the ongoing descent has caused daily time-frame indicators to turn bearish as the Relative Strength Index (14) remains below 50-level. Therefore, the daily signals are bearish and a further low drive could send the price to $55,000, $53,000, and $51,000 supports.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart reveals that BTC/USD bulls are now stepping back into the market, trading above the 9-day moving average. Meanwhile, the $33,500 and above may be visited if the Bitcoin price breaks above the 21-day moving average before crossing the upper boundary of the channel.
On the contrary, if the sellers hit the market again and bring the price to the south, traders may expect a retest at the $32,000 support level. Breaking the mentioned support may further allow the bears to touch the $32,000 and below on the downside but the technical indicator Relative Strength Index (14) is moving towards 50-level, indicating some bullish signals.
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