$30k Mark May Make BTC/USD More Appealing
Bitcoin’s current price stands at $29,612, with a market cap of $574.9 billion and a circulating supply of 19.3 million. The bitcoin price prediction suggests that BTC may break out of its current short-term pattern and move towards the $32,000 level. The technical indicator Relative Strength Index (14) is moving above the 50-level as the coin consolidates around this level, indicating that there may still be room for exploration by the bears. However, if BTC/USD remains above the 9-day and 21-day moving averages, the $29,000 support level could be strong. If BTC/USD breaks below this level, it could change the direction of the coin to face the lower boundary of the channel. Alternatively, if BTC/USD reclaims the previous resistance level of $30,000, it could aim at the resistance levels of $35,000, $37,000, and $39,000 respectively.
From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) is recovering above the 60-level, confirming a bullish movement. If the current market value rises and crosses above the upper boundary of the channel, the bitcoin price could hit the potential resistance level of $32,000 and above. However, if the bitcoin price heads towards the lower boundary of the channel, the market price could reach support at $27,500 and below.
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