BTC/USD Ready to Break $40,000


Bitcoin Price Prediction – June 2

The Bitcoin price bounced off support at $35,920 and added more than $2,500 to its current value.

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

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

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

BTCUSD – Daily Chart

BTC/USD is currently trading around $38,182 with a 4.07% gain in the past 24-hour. According to the daily chart, the Bitcoin price is fighting to stay above the important level of $38,000 as it crosses above the 9-day moving average.

However, for BTC/USD to remain above this level for the next few days, the bulls need to see confirmation that the $35,000 support level remains robust.

Bitcoin Price Prediction: Could Bitcoin (BTC) Break Higher?

Since a couple of days ago, BTC/USD has been seeing little upward movement, and if the top digital asset breaks above the 21-day moving average, it could touch the nearest resistance level of $40,000. Moreover, Bitcoin (BTC) needs to reclaim this important resistance level to head upwards. If successful, the primary cryptocurrency could then aim for $42,000, followed by $44,000, and $46,000 resistance levels.

However, looking at the Relative Strength Index (14) on the daily chart, one may conclude that BTC/USD is done with the downside.

Meanwhile, on the upside, recovery may not come easy and traders must be aware that support will have to be sought above $38,000, while other important zones to keep in mind are around $42,000, $44,000, and $46,000 resistance levels.

Nevertheless, despite the current movement, the RSI (14) is yet to cross above the 50-level, which means that there may still be a space that can be explored by the bears. If this happens, the supports at $32,000, $30,000, and $28,000 may play out.

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

From a technical point of view, on the 4-hour chart the technical indicator Relative Strength Index (14) keeps moving higher and looks ready to cross above the 60-level. Meanwhile, possibly helping to bring this into play is a little bit of bullish divergence on the technical indicator as the signal line faces north.

BTCUSD – 4 Hour Chart

However, if the Bitcoin price breaks above the upper boundary of the channel, the market price may likely reach the resistance at $41,000 and above.

On the other hand, if the current market value drops below the 9-day and 21-day moving averages, it may likely touch the supports at $36,000 and below.

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