• Tue. Feb 27th, 2024

Bitcoin (BTC) Consolidates Beneath $34,000



Jul 10, 2021

Bitcoin continues to trade sideways, currently hovering at $33,629 after a massive rejection at $34,267.

BTC-USD Long-term Movement

  • Vital resistance levels – $37K, $39K, and $41K.
  • Vital support levels – $31K, $29K, and $27K.

In BTC/USD daily chart, the pair remains flat, trading sideways. However, Bitcoin saw volatility, climbing to a high of $34,267 before declining to $33,476 beneath the 21-d MA and 9- day MA. With that, Bitcoin seems to be on a downtrend with extended sideways suggested by the RSI (14).

Would BTC Continue Trading in a Range?

(Advertisement)Artificial Intelligence Crypto Trading
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!

According to BTC’s daily chart, the asset hovers at $33,748, displaying 0.58% intraday losses. The virtual currency ranges in intensifying volatility, causing the coin to trade in a bearish move at the moment. For now, market analysts anticipate a continued uptrend. With such a move, BTC-USD would rise over 21-day and 9-day moving averages. After that, it will head to the potential resistance zones at $37K, $39K, and $41K.

Also, if Bitcoin fails to break over the MAs, its value might plunge beneath this resistance, with chances to hit the $32K crucial support. Any further dive might see BTC price at $31K, $29K, and $27K support levels. The RSI makes sideway moves, denoting an indecisive market for now.

BTC-USD Medium-Term Outlook – Bearish (4Hr Chart)

The four-hour chart indicates bears returning to the market. At the moment, BTC price attempts to cross beneath the 9-d MA. However, trading beneath the 21-d MA might send the asset down to the $28,200 support level or further down.

Meanwhile, if the buyer manages to send BTC northwards, investors would likely retest a resistance level at $34,000. Breaking this resistance might take bulls to $35K. However, the RSI has chances to cross beneath 50-level, signaling a bearish market.

Meanwhile, the market has bearish sentiments at the moment. If you want to invest in such market conditions, act carefully. The market might experience a move in any direction. Make sure that you understand the related risks before investing your money. Otherwise, if you risk-tolerant, enjoy successful crypto deals.

We are ready for your views concerning the next BTC move. Comment in the section below.


Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss Out On CypherMindHQ

#1 Artificial Intelligence Crypto Trading System

Sign Up Now

Try Crypto Engine With a Trusted Broker