• Tue. Feb 27th, 2024

Bitcoin (BTC) Consolidates Beneath $34,000

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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?

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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.

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