BTC/USD may pull back above the $31,000 level

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The Bitcoin price prediction shows that BTC is moving from the opening price of $29,502 as buying interest increases approaching $31,000.

Bitcoin Prediction Statistical Data:

Bitcoin price now: $30,297
Bitcoin Market Cap: $585.5 Billion
Bitcoin circulating supply: 19.3 million
Total Bitcoin supply: 19.3 million
Bitcoin Coinmarketcap Ranking – #1

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

Key levels:

Resistance levels: $36,000, $38,000, $40,000

Support levels: $25,000, $23,000, $21,000

BTC/USD is moving sideways as the coin establishes a cross above the $30,000 resistance level, but is currently hovering around $30,297. Buyers may look for some resistance levels if the king coin crosses above the upper limit of the channel.

Bitcoin Price Prediction: BTC Price May Consolidate Within Channel

In the past few hours, after the Bitcoin price started rising, the king coin is now facing the $31,000 resistance level and expects to recapture the $30,600 resistance level. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, it will confirm the next direction the coin will go. Nonetheless, BTC/USD may decline if the $29,000 support is broken, but the price could go higher if the $31,000 resistance is reached.

At time of writing, the Technical Indicator Relative Strength Index (14) remains above the 60 level to indicate a bullish move. Therefore, if the price of Bitcoin crosses above the upper limit of the channel, it could reach the resistance levels of $36,000, $38,000 and $40,000, but any movement towards the lower limit of the channel could reach the supports of $25,000. , $23,000 and $21,000.

BTC/USD Medium Term Trend – Range (4-hour chart)

Based on the 4-hour chart, the price of Bitcoin is likely to rally towards the upper boundary of the channel, as the Relative Strength Index of the technical indicator remains above the 50 level. From above, if the price of Bitcoin moves near the upper limit of the channel, the bullish influence could skyrocket and the accumulated gains would increase enormously.

BTCUSD – 4 hour chart

However, the current candle could pull back below the channel and target the $28,500 support level or below, but the bulls may need to stay above the $30,500 resistance level and keep their focus on breaking potential resistance. of $32,000 or more.

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