Bitcoin Price Prediction – July 31
At the moment, the Bitcoin price is seen dropping over 1.50% within 24 hours as it trades at the $41,605 level after touching $42,405.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $37,000, $35,000, $33,000
The daily chart reveals that BTC/USD failed to break above the previous resistance level of $42,500. Moreover, the Bitcoin (BTC) begins the day off by trending lower towards the $41,000 level inside the channel. However, the first support level could be located at $40,000. Beneath this, other support lies at $37,000, $35,000, and $33,000 levels.
Bitcoin Price Prediction: Where is Bitcoin (BTC) Heading to?
Today’s trading marks another day that the Bitcoin price fails to stay above the upper boundary of the channel as it looks to set up another few days of negative price declines beneath $41,000. Meanwhile, a break above the opening price of $42,233 would have set the first digital asset up to reach the nearest resistance at the $43,500 level. On the contrary, traders could see that Bitcoin price fails to break up as the technical indicator Relative Strength Index (14) is facing the downside.
Today, the price of Bitcoin couldn’t go higher as it is seen dropping towards the 9-day moving averages. Nevertheless, the current candle is still yet to close and it does look unlikely that the bulls may end up closing above the opening price. More so, should the technical indicator stays within the overbought zone, the market price may end within the negative side but on the other hand, moving towards the upside could meet the resistance levels at $48,000, $50,000, and $52,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to defend the $41,600. Meanwhile, the $39,000 and below may come into play if the bearish momentum increases the market movement.
Moreover, if the bulls take over the current movement in the market and push it upward, traders may expect a retest at a $42,000 resistance level; breaking this level may further allow the bulls to hit $45,000 and above. At the moment, the technical indicator Relative Strength Index (14) signal line is seen moving around 65-level which may cause the coin to move sideways in the near future.
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