Bitcoin Price Prediction: BTC/USD Maintains $38,000 Level

Bitcoin Price Prediction


Bitcoin Price Prediction – January 30

According to the daily chart, the Bitcoin price prediction touches the daily low at $37,744 as losses under $38,000 beckon.

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

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $33,000, $31,000, $29,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD is seentrading within the 9-day and 21-day moving averages. The Bitcoin price is likely to break many important supports near $36,500 and $36,000 and it seems like bears are gaining strength and they might aim for a test of 35,000 support again. However, any more losses could spark a larger decline towards the lower boundary of the channel and the bears could hold BTC/USD below the 9-day moving average.

Bitcoin Price Prediction: Can Bitcoin (BTC) Stay Above $38,000?

According to the daily chart, the Bitcoin price seems to have accepted that recovery is not possible at this moment. Despite holding the current market price above $37,000, this support has been overwhelmed amid the ongoing mid-week trading session. Thus, Bitcoin price is teetering around $38,017 while bears tighten their grip. In other words, the Bitcoin price is expected to rise above the 21-day moving average before heading towards the potential resistance levels at $44,000, $46,000, and $48,000.

Meanwhile, the Bitcoin price has been moving downwards since a month ago after it reached a local high of $68,000. However, the ongoing descent has caused daily time-frame indicators to turn bearish as the Relative Strength Index (14) remains below 40-level. Therefore, the daily signals are bearish, and a further low drive could send the price to $33,000, $31,000, and $29,000 supports.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

The 4-hour chart reveals that BTC/USD bulls are likely to step back into the market, trading above the 9-day and 21-day moving averages. Meanwhile, the $41,000 and above may be visited if the Bitcoin price crosses above the upper boundary of the channel.

BTCUSD – 4 Hour Chart

On the contrary, if the sellers hit the market again and bring the price to the south, traders may expect a break below the moving averages. Breaking this barrier may further allow the bears to touch the support level of $35,000 and below but the technical indicator Relative Strength Index (14) is moving below 60-level, indicating a sideways movement.

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