- Bitcoin price prediction expects a rise to $39000.
- Strong resistance lies at the $38500 mark.
- Strong support lies at the $34500 mark.
The market for Bitcoin has been showing a downtrend recently, with the charts indicating a high risk of bearish continuation for the king of cryptocurrency. The price of Bitcoin has been seen fluctuating, struggling with high resistance levels.
The trajectory has been volatile between $38,000 to $40,000, and at this time, it is consolidating over $36000. BTC is in the bearish zone for trading on a short-term basis. The price of BTC holds a major support zone around 35,600. A strong contracting triangle was formed near $35,550.
Bitcoin price stands at $34838 at the time of writing, while the market capital right now is $655.017 billion. The trade volume is at 56.02 billion, while the king of cryptocurrency’s price is down by over 2.19 percent in the past 24-hours, but the Bitcoin price predictions seem hopeful.
During the past week, the price of BTC surged above the $38000 resistance. The price reached up to $40,000 resistance but could not surge any higher than that. It was recorded that there was a decline in price, and BTC was even trading below the level of $36000, and a new low price level was formed at $34,319.
It appears that the market sentiment for Bitcoin at the moment is bearish. Out of 28 indicators, 13 are giving out a buy signal, nine are neutral, and six are giving a sell signal. With 11 total oscillators, eight oscillators are neutral, two are at sell indication, and one stands at buy indication. There is only one neutral moving average indication, while 11 moving averages give off a buy indication and five a sell indication.
Bitcoin price prediction: What to expect?
Analyst Ashan explains in his Bitcoin price prediction that consistent bullish behavior in the Bitcoin market movement is imminent. However, there is a strong resistance that is pushing the price towards a downtrend. The eminent head and shoulder pattern can push the price to unpredictable bullish movement. The surges towards bearish behaviors indicate that BTC will be in a major decision zone in the coming hours.
If the Bitcoin price manages to complete the reverse head and shoulder, there is a high possibility that the BTC price would hit the $3900 mark and consistent bearish behaviors will push the Bitcoin price to a persistent uptrend for a while.
If the price of Bitcoin breaks below the level of $35000, the decelerating price patterns might continue. The main resistance is to be seen at the price level of 38,600. Showing off an interesting drift in the prices, Bitcoin seems to be aggregating with other currencies like Ethereum as they continue to climb the charts, while Bitcoin is settling its prices support at the $34000 mark.
The cryptocurrency market took a recent hit with $500 million in futures being liquidated. BTC has been struggling to set in a stable momentum since the high pressure of sales around the price of $40,000. As the consolidation phase persists, it is believed that the reverse H&S pattern is likely to take form keeping the market bullish for the next few days. The price fluctuations in the upcoming days will provide a better situation for further Bitcoin price predictions and the overall market trend.