BTC/USD Unable To Break Above $33,260
Bitcoin Price Prediction – June 22
As revealed by the daily chart, the Bitcoin price remains flat and it is unable to break above $36,000 or below $31,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $40,000, $42,000, $44,000
Support Levels: $25,000, $23,000, $21,000
While remaining as the most influential cryptocurrency, BTC/USD is technically supported by the $30,000 on short-term and $31,000 support on a medium-term. If the Bitcoin price drops below these supports, we should expect long-term support at the $30,000 – the May 19 surge level. Considering the descending channel on the daily chart, the $35,500 resistance is an essential bullish breakout for the market.
Bitcoin Price Prediction: Bears Ready Break Below $30,000
The Bitcoin price is still roaming around $31,403 following the bounce at $31,150 support during the price movement today. Looking at the daily price chart, we can see that the bearish supply has been turning heavily in the market, but the bulls are trying to defend the $31,000 – $31,500 supports as well. Meanwhile, the $30,500 may come into play if the coin breaks the mentioned supports.
However, the critical support level for the king coin is $28,000 at the moment. If the level breaks, we should see a bearish walk to the supports of $25,000, $23,000, and $21,000. Meanwhile, the $35,000 resistance is also a potential resistance level on the upside, but traders need to have a clear break above $38,000 before traders can consider a bull-run to the resistance levels of $40,000, $42,000, and $44,000 respectively. The Relative Strength Index (14) is currently moving below 35-level, reflecting that BTC/USD is facing a downward trend.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is hovering below the 9-day and 21-day moving averages. In the meantime, the coin is still expected to fall below $29,000 and it is making a bounce back. Meanwhile, as the coin is preparing to cross below the lower boundary of the channel, it can take time for bulls to push the price above $33,000. If not, the upward movement may likely reach the $34,000 and $36,000 resistance levels.
However, as the king coin continues to drop, the immediate support is close to the $29,000 level. More so, the Bitcoin price could drop drastically below $28,000, which could test another support at the $27,000 level and below. Technically, it is likely for BTC/USD to drop more as the technical indicator Relative Strength Index (14) moves into the oversold region.
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