BTC/USD May Retrace Above $31,000 Level

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

Bitcoin Prediction Statistics Data:

Bitcoin price now – $30,297
Bitcoin market cap – $585.5 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: $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 resistance level of $30,000 but currently hovering at $30,297. The buyers may look for some resistance levels if the king coin crosses above the upper boundary of the channel.

Bitcoin Price Prediction: BTC Price May Consolidate Within the Channel

In the past few hours, after the Bitcoin price begins the upward movement, the king coin is now facing the resistance level of $31,000 and looking forward to reclaiming the resistance level of $30,600. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction that the coin will follow. Nonetheless, BTC/USD may decline if the $29,000 support breaks down but the price could rise if the $31,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) remains above the 60-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the upper boundary of the channel, it could hit the resistance levels of $36,000, $38,000, and $40,000 but any movement toward the lower boundary of the channel could hit the supports at $25,000, $23,000, and $21,000.

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

According to the 4-hour chart, the Bitcoin price is likely to rise toward the upper boundary of the channel as the technical indicator Relative Strength Index remains above the 50-level. From above, if the Bitcoin price moves near the upper boundary of the channel, the bullish influence could spike, and the accrued gains massively.

BTCUSD – 4-Hour Chart

However, the current candle could retreat below the channel and may target the support level of $28,500 and below but the bulls may need to hold above the resistance level of $30,500 and keep their attention on breaking the potential resistance at $32,000 and above.

Alternatives  to Bitcoin

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