Bitcoin Price Prediction – July 26
The Bitcoin price rises within 24 hours to top $40,000 today for the first time since mid-June.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $43,000, $45,000, $47,000
Support Levels: $32,000, $30,000, $28,000
BTC/USD is currently retreating below the daily high of $40,593. As the daily chart reveals, the current movement marks an upward break above the 9-day and 21-day moving averages. However, the Bitcoin price has been making an attempt to maintain the bullish movement over the past few days but may struggle to gain any momentum as the entire market’s uptrend stalls.
Bitcoin Price Prediction: The Upward Movements Are Still Active
The Bitcoin price is trading up marginally above its current price of $37,000 as this only marks a tremendous climb from where it has been trading throughout the past several hours but it is important to note that this seems to mark a bullish break above the upper boundary of the channel.
Meanwhile, as the technical indicator Relative Strength Index (14) moves above 60-level, a continuous bullish movement within this zone may locate the potential resistance at $41,000, reaching this may also allow for an extended recovery towards $43,000, $45,000, and $47,000 respectively. Nevertheless, should in case the technical indicator drops below 60-level, the market may experience a slight downward movement which may force the Bitcoin price to move towards the support levels of $32,000, $30,000, and $28,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, BTC/USD needs to remain above the 9-day and 21-day moving averages to mitigate the short-term bullish pressure and allow for an extended recovery towards $40,000. However, a higher resistance level may be located at $42,000 and above.
However, the nearest support is likely to cross below the 9-day moving average at $36,000, and a critical move below this level may increase the downside pressure to the support level of $35,000 and below. Meanwhile, the technical indicator Relative Strength Index (14) is staring at the downside as the signal line moves out of the overbought region.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider