BTC/USD Swings Above $29,000 Level

The Bitcoin price prediction reveals that BTC gains 0.91% as bulls keep working hard to nurture a bullish trend from the support at $28,128.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $28,653
Bitcoin market cap – $554.4 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $34,000, $36,000, $38,000

Support Levels: $24,000, $22,000, $20,000

BTC/USD is currently trading at the $28,653 resistance level as the market price is heading toward the upper boundary of the channel, indicating a bullish movement. For the past few days, the Bitcoin price has been fluctuating and in the context of this; an application of $30,000 resistance is expected.

Bitcoin Price Prediction: Will BTC Break Above $29k Resistance Level?

According to the daily chart, if the Bitcoin price crosses above the upper boundary of the channel, 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 and further development of the bullish trend. However, the purpose of this movement is to provide a level of resistance close to $32,000.

Meanwhile, looking at the market movement, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the crucial $29,500 level, but if not; traders may see additional resistance levels at $34,000, $36,000, and $38,000. On the downside, if the market decides to fall, the Bitcoin price could see a further decline toward the support levels of $24,000, $22,000, and $20,000. Meanwhile, the market may gain more if the Relative Strength Index (14) crosses into the overbought region.

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

On the 4-hour chart, traders expect the coin to gain the lost momentum so that it could head toward the upper boundary of the channel. On the contrary, if the selling pressure exists, it could hold the coin not to follow the upward movement, and the $26,000 and below may come into play.

However, in as much as the buyers keep the price above the moving averages, traders may expect a strong bullish movement that could hit the resistance at $32,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above the 70-level, suggesting that more bullish signals may play out.

Alternatives to Bitcoin

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