BTC May Retrace Above $41,000
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The Bitcoin price prediction shows BTC is rising from the opening price of $39,953 as the buying interest approaches $41,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $37,000, $35,000, $33,000
BTC/USD is moving sideways as the coin establishes a cross above $41,000 but currently rebounding to cross above the 9-day moving average. The buyers may continue to look for some resistance levels on their way to the upper boundary of the channel while the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: BTC Price May Reclaim $42,000 Resistance
The Bitcoin price is now facing the resistance level of $41,500 and looking forward to reclaiming the resistance level of $42,000. However, the daily chart reveals that if the king coin crosses above the 9-day MA, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $40,000 support breaks down but the price could rise if the $41,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) remains above the 40-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $44,000, $46,000, and $48,000 but any movement below the lower boundary of the channel could hit the supports at $37,000, $35,000, and $33,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen within the 9-day and 21-day moving averages as the technical indicator Relative Strength Index may cross the 50-level. From above, if the Bitcoin price stays above the moving averages, the bullish influence could spike and the accrued gains massively.
However, the current candle could retreat below the 9-day moving average and may target the support level of $38,000 and below but the best the bulls can do is to hold above the resistance level of $40,000 and keep their attention on breaking the potential resistance at $43,000 and above.
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