Bitcoin Price Prediction: BTC/USD Slides Below $37,000
Bitcoin Price Prediction – February 3
The Bitcoin price prediction shows that BTC is falling below the moving averages as it trades at the $36,444 level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $32,000, $30,000, $28,000
The daily chart reveals that BTC/USD begins to move downward within the descending channel with the current consolidation pattern. More so, the coin fails to close above the $37,000 level, the coin may likely see a sharp drop towards the lower boundary of the channel. Similarly, the first level of support may be located at $35,000. Beneath this, other supports lie at $32,000, $30,000, and $28,000.
Bitcoin Price Prediction: Bitcoin (BTC) Not Ready for the Upside
However, as the daily chart reveals, the Bitcoin price has failed to break above the resistance level at $37,000, the coin may set up another few days of negative price declines beneath $36,000. A break above the previous level would have set Bitcoin up to retest the $38,000 level. Meanwhile, the technical indicator Relative Strength Index (14) may follow the sideways movement.
Furthermore, traders can see that the Bitcoin price breaks below the moving averages to gain more downtrends. Today, the Bitcoin price touches$37,131 but now dropping beneath the support level of $36,500. However, it does look that bears may end up closing below this support. More so, toward the upside, resistance lies at $32,000, $30,000, and $28,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the Bitcoin bears are now stepping back into the market pushing the BTC price below its previous support level that existed around $37,000. Although the Bitcoin price has not yet slipped below $36,500, it’s still in the loop of making a bounce back.
Now, BTC/USD is currently moving below the 9-day and 21-day moving averages. The upward movement may likely push the price nearest resistance at $38,500 and above while the immediate support lies at $33,500 and below. The technical indicator Relative Strength Index (14) is moving in the same direction, which indicates that the market may move sideways.
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