Bitcoin (BTC) price has retested the $35,000 resistance zone for a possible upside move.
Since June 20, bears have equally resisted the upside move. Every time Bitcoin drops low to either $29,000 or $28,000, the bulls buy the dips. This has caused BTC/USD to fluctuate between $29,000 and $35,000 price levels. From the price indicator, Bitcoin has a chance of a possible upside move.
Now if buyers push BTC price above $35,000 resistance, the market will rise to $38,000. It is likely that the bullish momentum will be sustained to retest the resistance zone between $40,000 and $42,000. However, if the BTC price fails to break the initial resistance at $35,000, bitcoin will be trapped in a narrow range. That is, the cryptocurrency will fluctuate in a narrow range on the downside of the chart. Meanwhile, the bulls are on the verge of breaking through the resistance at $35,000.
Major Resistance Levels - $65,000 and $70,000
Major Support Levels - $40,000 and $35,000
Bitcoin has risen to the 47 level on the Relative Strength Index for period 14. Bitcoin is in the downtrend zone and above the midline 50. BTC price has risen above the 80% area of the daily stochastic. This indicates that the cryptocurrency is trading in the overbought region of the market. This means that the upside move in BTC price is likely to be short-lived. Sellers are likely to emerge to push prices down.
It is likely that Bitcoin will resume its upward movement once the price crosses the $35,000 resistance level. Meanwhile, on June 23, a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that Bitcoin is likely to reach a high of $38,000 as it regains bullish momentum. It is possible that the BTC price will reach the 1,618 Fibonacci extension or the $38,277.90 level.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.