After a successful break above $41,000, the Bitcoin price prediction extended its recovery to touch the daily high at $41,772.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $37,000, $35,000, $33,000
For the past few days, BTC/USD experienced sharp declines in the crypto market as the price slumped to $38,550 support. The Bitcoin price is now hovering within the 9-day and 21-day moving averages as the king coin heads to the north. However, during a short-term breakout, critical support levels must be monitored as the first digital asset is not too far from the lower boundary of the channel.
Bitcoin Price Prediction: Would Bitcoin (BTC) Head to the North?
According to the daily chart, the Bitcoin price has increased by 1.18% since the beginning of the day to touch the daily high of $41,772. More so, the first digital cryptocurrency was linked to the early hours of Asia, thus consolidating the gains of the previous session. Therefore, a sustained movement towards the 21-day moving average could improve the technical situation in the long term.
On the upside, if there is an upside break above $43,000, the Bitcoin price could recover to $45,000. However, if the price increases and manages to close well above the 9-day and 21-day moving averages, traders could see an upward price explosion towards the potential resistance at $47,000, $49,000, and $51,000 levels as the Relative Strength Index (14) moves to cross above 50-level.
Conversely, there could be more losses if there is no break above the $42,000 level. Therefore, if there is a downside break below the lower boundary of the channel, the Bitcoin price may hit the s at $37,000, $35,000, and $33,000 respectively.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, BTC/USD should recover above $42,000 to mitigate the short-term bearish pressure so that it can allow for an extended recovery towards the resistance level of $43,500 and above. On the other hand, a bearish move below the current market level at $41,299 may open up the way towards $40,000.
Nevertheless, the critical support could be located below the 9-day and 21-day moving averages, and a sustainable move lower may increase the downside pressure and push the price towards the support of $39,500 and below as the Relative Strength Index (14) signal line is reverting to the downside again, traders might expect few bearish signals within the market.
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