After some positive sentiment regarding the Bitcoin price over the weekend, it seems we are back in bearish mode again. BTC decline from around $34000 on 11 July to the $32800 mark this morning or around 3%. There was hope that the bulls may push the price up to the $36000 level but that proved to be a pipe dream as the price sank below the $33000 mark quite fast.
The aftereffects of the Fed report which mentioned crypto could also have been felt but the negative sentiment seems to be across the board. Although there seems to be strong support at the $32K level, further selling pressure could push the Bitcoin price down even more. If you haven’t yet bought some Bitcoin, you should take a look at this How To Buy Cryptocurrency Beginners Guide.
Bitcoin Price Short Term Prediction: Between $32 and $34K
It seems that the Bitcoin price is currently caught between the $32 and $34K levels with very little movement either way. Although there seems to be an indication that BTC is readying itself for a big price movement, this is possibly down to the sub $30K levels. A bullish thesis would however invalidate all this and the price could very well test the $40K mark again and even settle at around $42K.
The 200 day SMA is at around $35,000 so Bitcoin is currently well below that. To start climbing again, the Bitcoin price has a few substantial hurdles to overcome. These include the major resistance level of $35537 where short-sellers may come in. Although it seemed that the parallel trend line which formed over the weekend was a positive indicator, it seems that bears have once again managed to push the price down to below the $33,000 mark.
At present, it would be interesting to observe if Bitcoin manages to keep well above the $32500 level to begin another ascent. The next 24-28 hours are crucial to get an indication of where Bitcoin is going. Take a look at these Top Cryptocurrency Brokers if you’re interested in buying some BTC.
Long Term Price Prediction For BTC
Although there has been massive FUD of late on crypto, the situation is not as bad as one would expect. It does seem however that it will take slightly longer for Bitcoin to begin recovering its losses and once again reach the dizzying $65K highs of just a few weeks ago. The real level of resistance that Bitcoin must overcome if it is to be seen in the ascendant is the $36,700 level. There could well be some profit-taking and another retest for a push forward.
On the other hand, if the bearish thesis comes into play, then a retest of the $30,000 level is on the cards.
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Gerald Fenech
