Bitcoin Price Prediction: BTC/USD Trades Close to $40,000 Level
Bitcoin Price Prediction – July 26
After a sudden and bullish price spike, the Bitcoin price prediction moves toward the long-awaited $40,000 resistance.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $32,000, $30,000, $28,000
Today, BTC/USD gains more than 11% pullback surging past $39,000 resistance and looking forward to breaking past its crucial long-awaited resistance of $40,000. At the time of writing, BTC is trading 11.19% up at $39,397 with a market cap of $718.37 trillion. However, Bitcoin has been trading creating this upward movement since July 21 with more bullish candles as the first digital asset has been making the most of this opportunity.
Bitcoin Price Prediction: More Mountains to Conquer
The daily chart reveals that the Bitcoin price has traded above the crucial level of $39,000. Meanwhile, on the upside, as the coin moves above near the upper boundary of the channel, little is in place to prevent correction targeting the key resistance of $40,000 while the technical indicator Relative Strength Index (14) moves toward the overbought region to confirm the uptrend.
Moreover, BTC/USD is currently supported by the former resistance level of $39,000 but if the price falls below this level and move to face the 9-day and 21-day moving averages, the Bitcoin price may find the supports at $32,000, $30,000, and $28,000. On the contrary, the continuation of the bullish movement across the upper boundary of the channel could pave the way for more gains above $40,000 before reaching the resistance levels of $44,000, $46,000, and $48,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is currently hovering around $39,247 after a reversal from the $38,503 level. However, traders can see that the bullish supply is becoming heavy in the market while the bears are trying to bring the price down.
On the other hand, if the buyers could further strengthen the market, the Bitcoin price may reach the resistance level of $40,000. Moreover, the technical indicator Relative Strength Index (14) remains within the overbought region; keeping the price to the upside could allow the bulls to hit the potential resistance at $42,000 and above. However, if the market price turns down; the bears may take the opportunity to bring the price to the support level of $37,000 and below.
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