Bitcoin Price Prediction: BTC/USD Bounces Above $38,000 Resistance Level

Bitcoin Price Prediction – January 29

The Bitcoin price prediction gains 0.40% as bulls keep working hard to nurture a bullish trend from the support at $37,000.

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

Key levels:

Resistance Levels: $44,500, $46,500, $48,500

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

BTC/USD is currently trading at the $37,893 resistance level. The market price is trading above the 9-day moving average, indicating an upward movement in cryptocurrency. For the past few days, the Bitcoin price has been towards the south and in the context of the Bitcoin exchange rate forecast; an application of $60,000 is expected.

Bitcoin Price Prediction: Will BTC Break Above $40,000 Resistance Level or Reverse?

If the Bitcoin price can retain the upward movement above the 9-day moving average, it is likely for the market price to touch the $40,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and further development of the bullish trend. However, the purpose of this movement is to provide a level of resistance close to $42,000 as the technical indicator Relative Strength Index (14) moves to cross above 40-level.

Looking at the market movement, there is likely that BTC/USD may experience a quick retracement or sell-off just in case it touches the crucial $40,000 level but if not; traders may see additional resistance levels of $44,500, $46,500, and $48,500 respectively. On the downside, if the market decides to fall, the price of Bitcoin could fall below the 9-day MA at $35,000, and if that support fails to hold the sell-off, BTC/USD could see a further decline towards the support levels of $32,000, $30,000, and $28,000.

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

On the 4-hour chart, traders expect the coin to gain the lost momentum and could hit the trade above $40,000. On the contrary, if the selling pressure still exists and holds the coin not to be able to cross above the upper boundary of the channel, the $36,000 and below may come into play.

However, in as much as the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $40,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving around 58-level, suggesting that more bullish signals may come to focus.

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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-bounces-above-38000-resistance-level