Bitcoin Price Prediction for Today, July 31: BTC Moves to Cross Above $24,000
The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move towards the $25,000 level.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $23,909
Bitcoin market cap – $456.1 billion
Bitcoin circulating supply – 19.1 million
Bitcoin total supply – 19.1 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $32,000, $34,000, $36,000
Support Levels: $18,000, $16,000, $14,000
BTC/USD is at the moment trading at $23,909 with a 1.10% gain. Looking at the daily chart, the Bitcoin price could struggle to stay above the upper boundary of the channel. More so, for BTC/USD to remain above this barrier, it could make many traders feel that the $23,000 support level could be pretty strong.
Bitcoin Price Prediction: Would BTC Price Break Higher
The Bitcoin price could not drop much cause of today’s trading, but if the first digital coin breaks below the support level of $23,000, it could change the direction of the coin to face the lower boundary of the channel. Alternatively, Bitcoin (BTC) may reclaim the previous resistance level of $24,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $32,000, $34,000, and $36,000 respectively.
Nevertheless, the technical indicator Relative Strength Index (14) is moving around the 60-level as the coin may consolidate around this level. Moreover, this could mean that there may still be a room that could be explored by the bears if it crosses below this level. Therefore, the support levels of $18,000, $16,000, and $14,000 may play out.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-hour chart, the technical indicator Relative Strength Index (14) is now recovering towards the 60-level, and this may confirm the bullish movement if it crosses above it. Meanwhile, adding to the above, there is a little bit of bullish divergence on the RSI (14) as the coin prepares to cross above the 9-day and 21-day moving averages to continue the bullish movement.
BTCUSD – 4-Hour Chart
However, if the Bitcoin price heads toward the lower boundary of the channel, the market price may likely reach support at $22,000 and below. Meanwhile, if the current market value rises and crosses above the moving averages, it may reach the resistance level at $26,000 and above.
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