BTC/USD moves to break above the $31,000 level

Bitcoin price prediction shows BTC rallying as buying interest may increase the move higher towards $31,000.

Bitcoin Prediction Statistical Data:

• Bitcoin price now: $30,418
• Bitcoin Market Cap: $586.6 Billion
• Bitcoin circulating supply: 19.3 million
• Total Bitcoin supply: 19.3 million
• Bitcoin Coinmarketcap Ranking – #1

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

Key levels:

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

Support levels: $26,000, $24,000, $22,000

BTC/USD may rise above the upper limit of the channel as the king coin holds above the 9-day and 21-day moving averages. However, as the market establishes a cross above the channel, buyers may start looking for additional resistance levels above the daily high of $30,775.

Bitcoin Price Prediction: BTC Price May Hit $31k Resistance

Bitcoin price is likely to breach the upper bound of the channel as the first digital asset targets the $31,000 resistance level. However, the daily chart reveals that as long as the 9-day moving average remains above the average 21-day rolling, this confirms that the coin will create additional gains. Conversely, BTC/USD may drop if the price dips below the moving averages, but the market price could rally if the $31,000 resistance is reached.

However, the technical indicator Relative Strength Index (14) is likely to cross into the overbought region to reach the resistance levels of $36,000, $38,000 and $40,000, but any move towards the lower boundary of the channel could touch the supports at $26,000, $24,000 and $22,000.

BTC/USD Medium Term Trend: Bullish (4-hour chart)

Based on the 4-hour chart, the price of Bitcoin is likely to drop below the 9-day and 21-day moving averages as the Relative Strength Index (14) technical indicator looks south. However, if the price of Bitcoin crosses above the upper limit of the channel, the bullish influence could increase and take more profits.

In the meantime, if the current candle fails to hold above the moving averages, the Bitcoin price may touch the support level of $29,000 or lower. However, the bulls may need to touch the $30,500 resistance level to break the potential resistance of $32,000 or higher.

Bitcoin Alternatives

Bitcoin price is trading above the 9-day and 21-day moving averages as the market posts a slight rise above $30,700, but is currently recovering. However, the bulls can create additional profit if the king coin crosses above the channel. Similarly, meme coin sensation Love Hate Inu just passed the $4 million funding milestone during its ongoing pre-sale, all in less than three weeks. This remarkable feat has been achieved thanks to the enticing pre-sale token discount, which allows early investors to buy tokens at a price lower than the future listing price of the stock.

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