BTC Fails to Hold Above $38,000 Level

The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $39,000.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $34,000, $32,000, $30,000

BTC/USD couldn’t break the resistance level of $38,000 with the current consolidation pattern once again as it fails to close above the 9-day moving average. The Bitcoin (BTC) begins the day off by trending higher toward the north only to roll over and fall lower to trade back inside the channel. Similarly, the first level of support could be located at around $35,000. Beneath this, supports lie at $34,000, $32,000, and $30,000.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

The Bitcoin price is consolidating below the 9-day and 21-day moving averages; however, this is looking less and less likely with each failed breakout attempt as the technical indicator Relative Strength Index (14) moves below the 40-level. On the next positive move, BTC is likely to break above the moving averages. Although the candle is still yet to close, however, it does look that the bulls may end up closing above this barrier as the potential resistance levels could be found at $42,000, $44,000, and $46,000.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, BTC/USD may need to recover above $38,000 and move towards the upper boundary of the channel to mitigate the short-term bearish pressure in other to hit the nearest resistance level of $39,000. However, this psychological barrier may be closely followed by $40,000 and $42,000 resistance levels.

On the contrary, the nearest support may come at $37,000 and a sustainable move lower will increase the downside pressure and push the price towards $36,000 and $35,000 support levels. Considering that the technical indicator Relative Strength Index (14) on the 4-hour chart is starting to revert to the upside as traders might expect that the bull’s case scenario may come to play.

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