Bitcoin Price Prediction: BTC/USD Creeps towards $39,500

Bitcoin Price Prediction – June 15

The Bitcoin price is trading below $40,000 against USD and the coin is likely to climb steadily with a few downward moves.

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

Key levels:

Resistance Levels: $47,000, $49,000, $51,000

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

BTC/USD has been turbulent in recent days, after tight trading for a few weeks with relatively low volatility. A couple of days ago, the Bitcoin price rose sharply by moving above the resistance levels of $40,000 and $41,000 against the US dollar. The coin even exceeded $41,000 levels to trade at $41,076 before correcting lower. At the moment, the price is declining and is moving towards the 9-day and 21-day moving averages at $39,913.

Bitcoin Price Prediction: Would BTC Price Revisit $41,000 Again?

The Bitcoin price is yet to cross above the upper boundary of the channel. A crucial uptrend could probably form above the channel with support close to $38,500 on the daily chart. However, if the decline occurs below the 9-day and 21-day moving averages, the Bitcoin price could extend its downward correction to the $36,000 level and any other loss could possibly push the price of Bitcoin to the support level of ​​$35,000.

Moreover, at the time of writing, BTC/USD had dropped slightly to $39,563. A further drop may cause the market to reach the critical supports at $34,000, $32,000, and $30,000. In other words, if the market were to rebound, we could see the next buying pressure towards the resistance levels of $47,000, $49,000, and $51,000. Nevertheless, BTC still maintains a bullish trend according to the Relative Strength Index (14) as the signal line moves above 50-level.

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

Looking at the 4-hour chart, the resistance at the $41,000 has been too heavy for the bulls to overcome. So the price is seriously struggling in a consolidation mode, which makes the Bitcoin price remain indecisive over the past few hours now. Therefore, if the price crosses above the channel, it could locate the resistance levels at 43,000 and above as the Relative Strength Index (14) remains above 60-level.

However, the Bitcoin price is still roaming around $39,848 and we can see that the bullish supply is not much in the market but the bears are making effort to drag the price below $39,500 support. Meanwhile, the $37,500 and below may come into play if the Bitcoin price breaks below the 9-day and 21-day moving averages.

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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-creeps-towards-39500