Bitcoin Price Prediction: BTC/USD May Retrace Above $49,000

Bitcoin Price Prediction – September 1

The Bitcoin price rebounds from the early dip at $46,537 as the buying interest may increase on approach to $50,000.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $52,000, $54,000, $56,000

Support Levels: $44,000, $42,000, $40,000

BTCUSD – Daily Chart

BTC/USD is ranging as the market established a higher high low around $48,289 but currently rebounding to retest previous resistance at $49,000. The bulls may continue to find some resistance levels around the 9-day and 21-day moving averages on the road to recovery and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.

Bitcoin Price Prediction: BTC Price Could Spike Higher

In the past few hours, after the Bitcoin price touches the daily low of $46,537, the king coin has been facing the resistance level of $48,500 and looking forward to reclaiming the resistance level of $49,000. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $46,000 support breaks down but the price could rise if the $50,000 resistance is reached.

Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 60-level, indicating a bullish movement. Therefore, if the Bitcoin price stays above the 9-day and 21-day MAs, it could hit the resistance levels of $52,000, $54,000, and $56,000 but any movement below the 9-day and 21-day MAs could hit the supports at $44,000, $42,000, and $40,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen rebounding as the technical indicator Relative Strength Index moves to cross above 60-level. On the upside, if the Bitcoin price stays above the 9-day and 21-day moving averages in the short term, bullish influence could spike and the accrued gains massively.

BTCUSD – 4 Hour Chart

However, the current candle could fail to cross above the upper boundary of the channel and the ultimate target remains at $47,000 and below but the best the bulls can do is to hold above the resistance level of $48,000 and keep their attention on breaking the potential resistance at $49,500 and above.

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