Bitcoin price prediction: BTC rejects further upside, returns to $34,000
3 min readTable of Contents
TL;DR Breakdown
- BTC peaked at 38,664 yesterday.
- Closest support still the $34,000 mark.
- Next support around $30,000.
Today’s Bitcoin price prediction is neutral as the market continues its movement sideways after attempting to break above the $38,000 resistance and experiencing a strong rejection.
Cryptocurrency heat map by Coin360
The overall crypto market is in the red today. Most of the top altcoins continue to move lower after a strong bullish impulse yesterday. An exception would be BNB and XRP, which both continue upward movement, although showing signs of a coming reversal.
Bitcoin Price Prediction: BTC to continue consolidating today
Our previous Bitcoin price prediction mentioned how Bitcoin would likely move towards the $38,000 and reject further upside. So far, this prediction holds. Bitcoin indeed did move above the $38,000 mark. However, Bitcoin got rejected rapidly, falling towards the $34,000 support shortly after.
Therefore, the analyst expects Bitcoin to continue to move sideways for the upcoming 24 hours as it prepares a base for the next wave up.
Bitcoin price movement in the last 24 hours
Over the last 24 hours, the price of Bitcoin has moved in a range of $31,940 – $37,460, indicating extreme volatility for the market. Since yesterday`s bullish impulse that reached the $38,000 resistance, Bitcoin has lost most of the gain. Currently, Bitcoin consolidates around the $34,000 price mark.
Bitcoin price chart by TradingView
BTC/USD 4-hour chart – Bitcoin has retraced most of yesterday’s gain
Overall, Bitcoin continues to reverse to the upside after several weeks of lower lows pushed BTC/USD towards the $30,000 support. As long as this support holds, Bitcoin should reverse. Since Bitcoin made a higher local high, we can expect Bitcoin to start moving higher once again next week.
Bitcoin price prediction yesterday mentioned how Bitcoin soared towards $38,000 after a tweet by Elon Musk. Since then, much of the gain has been retracted as Bitcoin trades around $34,000 once again.
A critical support level to watch right now is the $34,000 previous resistance, which should now act as a support. If Bitcoin moves significantly below it, the analyst expects further downside towards $30,000 previous major support area. This move would be a very bearish sign for BTC/USD, as traders should interpret the push back towards the $30,000 support as a clear sign of weakness.
Looking at the price of Bitcoin right now, it is still unclear whether the previous downsloping resistance trendline will act as a support. For now, it does seem to offer good support and could potentially help BTC/USD to reverse back to the upside.
For the price of Bitcoin, additional support between the area of 50 and 100 period moving averages is seen right now. As long as Bitcoin can continue trading above this area, the analyst expects Bitcoin to remain bullish.
Once Bitcoin can stabilize and form a solid base for the next leg up, a long position could be taken with the expectation that Bitcoin will look to move above the $38,000 resistance. Afterward, Bitcoin’s next resistance is seen relatively close by – around $40,000.
Bitcoin Price Prediction: conclusion
Bitcoin price prediction for today is neutral. BTC/USD needs to form a solid base to prepare for the next move to the upside. Until Bitcoin can achieve that, traders should stay on the sidelines.
Further downside might be seen as long as Bitcoin can remain above the $32,000 minor support. If Bitcoin moves below the $34,000 and $32,000 support levels, we could see a continuation of a much larger consolidation.
While waiting for further price action, read our articles on Bitcoin vs. Ethereum and Stablecoins.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
