BTC/USD Looks for a Direction toward $29k

The Bitcoin price prediction gains 1.29% as bulls keep working hard on BTC to nurture a bullish trend toward the resistance level of $29k.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $28,318
Bitcoin market cap – $544.5 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $34,000, $36,000, $38,000

Support Levels: $24,000, $22,000, $20,000

BTC/USD is hovering at the $28,376 resistance level as the market price stays above the 9-day and 21-day moving averages, indicating a bullish movement. For the past few days, the Bitcoin price has been moving positively and in the context of the Bitcoin exchange rate forecast; an application of $29,000 resistance is expected.

Bitcoin Price Prediction: Will BTC Break Above $29k?

If the Bitcoin price can cross above the resistance level of $29,000, it is likely for the market price to touch the potential resistance of the $30,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and further development of the bullish trend. Meanwhile, looking at the market movement, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the crucial $29,000 resistance level.

However, any further bullish movement could hit the resistance level of $34,000, $36,000, and $38,000 respectively. On the downside, if the market decides to cross below the 9-day and 21-day moving averages, BTC/USD could head towards the lower boundary of the channel, and if the support level of $25,000 fails to hold the sell-off, the Bitcoin price could see a further decline toward the support levels of $24,000, $22,000, and $20,000. As revealed by the technical indicator, the market may gain more if the Relative Strength Index (14) stays within the overbought region.

BTC/USD Medium-term Trend: Ranging (4H Chart)

On the 4-hour chart, the Bitcoin price is ranging, and it could face the upper boundary of the channel if the bullish pressure increases. In other words, if the selling pressure returns to the market and holds the coin not following the upward movement, $25,000 and below may come into play.

However, in as much as the buyers keep pushing the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $32,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is above the 60-level, suggesting sideways movement.

Bitcoin Alternatives

The Bitcoin price may need to reclaim the ground above the resistance level of $28,500 as soon as possible, the reason being that more action is expected above this level and if the king coin slides below the 9-day moving average, bears are likely to return into the market. Meanwhile, LHINU tokens are still in presale, and in the last few days, the project has raised close to $2 million which is truly astounding. However, time is running out because the price will increase in the next 2 days, so grab it now.

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