Bitcoin Reaches Striking Distance, Battles Resistance at $39,000

Bitcoin's (BTC) price is struggling to break above the $39,000 resistance level. For the past 24 hours, buyers are still under pressure to clear the resistance at $39,000.

Presently, Bitcoin may face rejection from the recent high. If buyers are successful above the resistance, the bullish momentum is likely to extend to the high of $40,000. 

BTC/USD is likely to rise and reach the high of $46,000. Conversely, if price turns down from the $39,000 high, Bitcoin is likely to correct to the low of $31,000. This has been the bearish scenario since May 19. In the same vein, buyers have been consistently defending the critical support at $30,000 as the crypto continues its fluctuation in a confined range. Today, crypto is trading at $39,154 at the time of writing.

Bitcoin indicator reading  

Today, the BTC price is rising and approaching the resistance line of the descending channel. If price breaks and closes above the resistance level, the upward move is likely to continue. Bitcoin price has risen to level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. 

Technical indicators:  

Major Resistance Levels – $65,000 and $70,000

Major Support Levels – $40,000 and $35,000 

What is the next direction for BTC/USD?

Bitcoin has resumed an upward move after the recent breakdown. Meanwhile, on June 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 1.272 Fibonacci extensions or level $40,332. 20. Bitcoin is expected to reverse at this level to 78.6 % Fibonacci retracement where it originated. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.