BTC/USD May be Limited below $39,500 Level

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

Key levels:

Resistance Levels: $42,500, $44,500, $46,500

Support Levels: $32,000, $30,000, $28,000

BTC/USD surges and moves close to the resistance level of $39,000 but fails to break both the 9-day moving average and $39,000 resistance. The first digital asset is currently gaining about 1.84% since the past few hours and could stay unchanged before the end of today’s trading. Meanwhile, BTC/USD is changing hands at $37,659.26. The coin remains in the hands of the bulls but need to rise above $39,000 to escape the danger zone. Therefore, if the bulls could successfully push the price above the moving averages, the next resistance levels may be found at $42,500, $44,500, and $46,500.

Bitcoin Price Prediction: What Could be the Next Direction for BTC?

At the time of writing, the Bitcoin price recent stability above $35,000 is likely to be a key ingredient to the surge that could occur in the next positive move. However, the bulls may be put on a test with BTC/USD moving back to the resistance level of $38,000 where the price crosses above some few hours ago. For now, BTC/USD is trading at $37,659 while pushing for gains towards the short-term resistance at $38,000.

On the downside, the critical support is created at psychological $36,000. Meanwhile, the price could move towards the lower boundary of the channel and may cross below the trend-line. Once this is done, the sell-off is likely to gain traction with the next focus on $36,000 and $34,000. However, any further low drive could send the price to the supports at $32,000, $30,000, and $28,000.

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

According to the 4-hour chart, the Bitcoin price is retreating below the 9-day moving average to reach where it currently trades at $36,798. However, the closest support level lies at $35, 000 and below, while crossing above the upper boundary of the channel could hit the nearest resistance level at $39,500 and above.

Moreover, as the coin slides to the downside, the technical indicator is crossing below 50-level, flashing sell signals, which indicates a bearish movement.