Bitcoin price forecast – July 7
The price of Bitcoin is currently moving below $ 35,000 after the royal coin has an intraday high of $ 35,777.
BTC / USD Long Term Trend: Fluctuating (Daily Chart)
Resistance levels: $ 38,000, $ 40,000, $ 42,000
Support levels: $ 31,000, $ 29,000, $ 27,000
At the time of writing BTC / USD is hovering around the $ 34,500 level after touching the daily peak of $ 35,077. At the same time, there has been a lot of slow movement in the market because bulls and bears don’t want to keep the price in the neck.
Bitcoin price forecast: What can trigger a fresh rally?
Like Bitcoin price Hovering around the 9-day and 21-day moving averages, the price needs to close at over $ 36,000 in order to really show a rise to open on a daily chart. Previously, the price level of $ 33,500 to $ 35,000 served as support. However, for the BTC / USD to move upwards, the bulls will take it decisively off to turn it back in support and then continue to move forward where it can reach resistance levels of $ 38,000, $ 40,000 and $ 42,000.
Currently, the rise in Bitcoin is likely to provide a much-needed boost to other altcoins and also calm the cryptocurrency market. Therefore, to dismiss Bitcoin at $ 34,000, a drop could lead to a decline toward the channel’s lower limit. If the coin falls more, it can rely on long-term support levels of $ 31,000, $ 29,000, and $ 27,000 as the relative strength index (14) moves in the same direction.
BTC / USD Medium term trend: volatile (4H chart)
Looking at the four-hour chart, the price of Bitcoin is declining and the coin could continue to weaken if the $ 34,000 level breaks. A 9-day MA is likely to exceed a 21-day MA, the price of Bitcoin may fall and may reach critical support of $ 33,000 and below.
However, if bulls are able to keep the current price and push the coin back above the 9-day and 21-day moving averages, it could hit a potential resistance of $ 35,500 and above. At the same time, the technical indicator Relative Strength Index (14) is currently facing south, suggesting weaker signals in the market.
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