The Bitcoin price prediction indicates bearish momentum as the con fails to cross above the 9-day moving average.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $29,220
- Bitcoin market cap – $555.83 billion
- Bitcoin circulating supply – 19.0 million
- Bitcoin total supply – 19.0 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
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Resistance Levels: $35,000, $37,000, $39,000
Support Levels: $24,000, $22,000, $20,000
At the time of writing, BTC/USD is hovering at $29,220. There have been instances when BTC touches the low of $28,913 to sustain the bearish price action. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may come into focus.
Bitcoin Price Prediction: BTC Fails to Shoot to the Upside
At the time of writing, the bulls are struggling in pushing the Bitcoin price to cross above the 9-day and 21-day moving averages but the price is currently hovering at the downside. BTC/USD has been suffering since the European session as the technical indicator Relative Strength Index (14) remains below the 40-level. This could mean that the King coin is not yet ready for the upside.
On the upside, recovery may not come easy as the coin would have to cross above the 9-day moving average. Meanwhile, a sustainable move above this barrier may locate the resistance level of $30,000, which may allow for an extended recovery towards the potential resistance levels at $35,000, $37,000, and $39,000. However, an increase in selling pressure across the market could bring the Bitcoin price towards the supports at $24,000, $22,000, and $20,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The Bitcoin price is trading below the 9-day and 21-day moving averages on the 4-hour chart. However, if the price breaks above the moving averages, it could face the upper boundary of the channel. Meanwhile, higher resistance would be located at the resistance level of $30,000, and as the technical indicator Relative Strength Index (14) keeps moving below 50-level, the king coin may hit the resistance level of $32,000 and above if the coin breaks to the upside.
On the other hand, if the bearish movement increases, the support level of $28,000 may not be able to hold the selling pressure, and BTC/USD is likely to fall to the support level of $27,000 and below if the price crosses below the lower boundary of the channel.
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