Bitcoin (BTC) Price Prediction: BTC/USDT Sustains Above the $65,000 Mark
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Bitcoin (BTC) Price Prediction: July 24
Price action in the Bitcoin daily market has come a long way from the support level at the $56,000 mark. The market had crossed the $65,000 threshold and now trades above the $66,000 mark. Yesterday, price action proceeded downward more significantly following a downward correction off the technical resistance at the $68,000 mark. However, it appears that upside forces are still strongly behind the $65,000 threshold, as price action seems to be making an upside recovery in today’s trading session.
BTC/USDT Long-term Trend: Bullish (Daily Chart)
Key Price Levels:
Resistance Levels: $70,000, $75,000, and $80,000
Support Levels: $65,000, $60,000, and $55,000
Consequently, trading activity has remained above all the applied Exponential Moving Average (EMA) lines. Meanwhile, the 20, 50, and 100-day EMA lines can be seen crossing each other below price activity. The last price candle corresponding to the ongoing session can be seen appearing solid green. However, the upper shadow of the price candle can be seen appearing longer than the one below it. This hints that downward forces are still exerting some compression force on the session. Also, the Stochastic Relative Strength Index (SRSI) lines can be seen still falling towards the 80 mark of the indicator.
Bitcoin Price Prediction: BTC/USDT May Not Fall Below the $65,000 Threshold
BTC’s price movement generally still has upside prospects, given its position above the EMA lines. However, lately, downward forces have introduced some downward correction in price movement in this market. Be that as it may, price activity yet remains above all the EMA curves.
The trajectory of the SRSI indicator lines isn’t very encouraging at the moment as the indicator lines trickle downward towards the 80 level of the indicator. At this point, although the mark has upside prospects, traders must tread cautiously.
BTC/USDT Medium-term Trend: Bitcoin Has a Short-Term Upwards Trajectory (4H Chart)
The short-term outlook of the Bitcoin market seems fair enough. The last price candle here signals that price action may be preparing to lift off the technical support at the $66,000 price threshold. Nevertheless, price activity can be seen still contained between the 20- and 50-day EMA curves. Furthermore, the SRSI indicator lines can be seen rising slightly upward from the oversold region.
Technically, this aligns with the fact that upside forces are still in play. However, the appearance of the SRSI lines seems to suggest that upside movement is shaky, as the lines travel upwards while very close to each other. However, the way the market has behaved in the past two to three sessions suggests that prices may proceed towards the $67,000 and $68,000 price levels.
