BTC/USD Bounces Above $29,000 Resistance Level

The Bitcoin price prediction shows that BTC gains 1.94% as bulls keep working hard to nurture a bullish trend from the support at $28,500.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $29,057
Bitcoin market cap – $558.5 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $35,000, $37,000, $39,000

Support Levels: $23,000, $21,000, $19,000

BTC/USD is currently trading at the $29,507 resistance level. The market price is trading within the 9-day moving average, indicating an upward movement in cryptocurrency. For the past few days, the Bitcoin price has been moving towards the north.

Bitcoin Price Prediction: Will BTC Break Above $30k Resistance Level?

According to the daily chart, if the Bitcoin price retains the upward movement above the 9-day and 21-day moving averages, it is likely for the market price to touch the $30,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD. However, the purpose of this movement is to provide a level of resistance close to $32,000 as the technical indicator Relative Strength Index (14) moves above the 50-level.

Looking at the price movement, there is likely that BTC/USD experiences a quick retracement or sell-off just in case it touches the crucial $29,000 level but if not; traders may see additional resistance levels of $35,000, $37,000, and $39,000 respectively. On the downside, if the market decides to fall, the price of Bitcoin could fall below the 9-day MA at $28,500, and if that support fails to hold the sell-off, BTC/USD could see a further decline toward the support levels of $23,000, $21,000, and $19,000.

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

On the 4-hour chart, BTC/USD is well and truly above the 9-day and 21-day moving averages but that doesn’t seem to be impacting the momentum much, which implies hype and greed may be fuelling this rise as opposed to technical factors. Because of this, prices may fall as sharply as they have risen if the coin shows any weakness at the $29,000 resistance level.

According to the Relative Strength Index (14), traders may experience a trend reversal as Bitcoin (BTC) may break below the 9-day moving average and start printing consecutive higher lows. Moreover, BTC/USD is currently in the middle of a consolidation, preparing for the next move. Breaking above the channel may push it to the potential resistance level at $31,500 and above while the support could be located at $27,000 and below.

Alternatives to Bitcoin

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