Bitcoin Price Prediction – July 27
The Bitcoin price is seen falling within the channel but the buying interest could increase as the price approaches the $35,000 level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $36,000, $38,000, $40,000
Support Levels: $29,000, $27,000, $25,000
BTC/USD started trading from the opening price of $32,287 and it’s now falling below the daily high of $32,917 at the time of writing. However, the $32,000 psychological barrier still serves as the first major resistance within the market and a sustained move above the 21-day moving average could likely push the price towards the $35,000 resistance level.
Bitcoin Price Prediction: Is Bitcoin (BTC) Set For A Reversal?
The Bitcoin price breaks below the 21-day moving average, according to the daily chart, which could add to the selling pressure. At the time of writing, BTC/USD is hovering at the support created below the $32,128 and if this is cleared, the sell-off may be extended to $31,000 which is within the 9-day and 21-day moving averages.
However, if the price moves below the mentioned support, $30,000 could come into focus which served as a support during the previous consolidation period while the critical supports lie at $29,000, $27,000, and $25,000. On the other hand, initial resistance could probably be $33,000 if the king coin bounces. Once this is done, $35,000 could be refocused. Therefore, any further bullish move could hit potential resistance levels at $36,000, $38,000 and $40,000 as the Relative Strength Index (14) hovers around the 46-level.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the Bitcoin bears are still in the market, pulling the Bitcoin price below the 9-day moving average. Although BTC/USD is yet to drop below $32,000, it is still on the cycle to recover.
At the time of writing, the price of Bitcoin is currently below the 9-day moving average. The bullish move could probably push the price to the next resistance at $33,500 or more, while the immediate support is at $31,000 or below. The Relative Strength Index (14) is moving below the 60-level, indicating a bearish move.
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