BTC/USD Trades Above $27,700; Time to Resume Higher?



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Looking at the daily chart, the Bitcoin price prediction is showing positive signs, and it is likely to accelerate further higher in the near term.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $27,709
Bitcoin market cap – $533 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: $32,000, $34,000, $35,000

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

According to the daily chart, BTC/USD breaches $27,000 as the new month’s high beckons. The king coin is seen trading well above the 9-day and 21-day moving averages at $27,709. Moreover, the Bitcoin price is within touching distance of forming a new daily high above the previous high of $27,000, which is quite remarkable.

Bitcoin Price Prediction: Where is Bitcoin Price Going Next?

At the moment, the Bitcoin price is trading comfortably towards the upper boundary of the channel as the price establishes a new bullish signal. Meanwhile, one could say that the long-term outlook favors the bulls, giving the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $32,000, $34,000, and $36,000 respectively.

Furthermore, any drop from the current level could lead to declines in the critical support below the 9-day and 21-day moving averages. However, in case BTC drops and touches the low of $25,000 support, then the king coin can rely on the long-term support levels at $24,000, $22,000, and $20,000. Moreover, the technical indicator Relative Strength Index (14) is now moving within the overbought region, suggesting more bullish signals.

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

According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $27,682. However, today’s price move happens to be an impressive one as it climbs above the long-awaited resistance level of $27,500 with a sharp upsurge. Moreover, BTC/USD is now maintaining its bull run as the technical indicator Relative Strength Index (14) moves to cross above the 70-level.

BTCUSD – 4-Hour Chart

However, BTC may take a downward move if the bulls failed to push the price higher, and the coin may breach below the 9-day and 21-day moving averages, which could reach another support at $24,000 and below. Nevertheless, if the bulls find a decent resistance level of around $28,000, the coin may continue the bullish movement by crossing above the channel to hit the resistance level of $32,000 and above.

Alternatives to Bitcoin

At the time of writing, the Bitcoin price could gain more upsides if there is a clear move above the $28,000 resistance. However, the first digital asset could rise further if there is a strong bullish movement that crosses above the upper boundary of the channel. However, we have a new challenger arriving in the highly competitive meme coin sector and its name is Love Hate Inu (LHINU). This token is an exciting Ethereum-based meme coin project that lets you share your opinions about hot topics and earn rewards as almost $2 million has been raised so far in the presale.

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