BTC Risks Fresh Drop Below $30,000 Support
The Bitcoin price prediction reveals that BTC is yet to gain strength above the moving averages as the coin shows a few bearish signs.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $30,143
Bitcoin market cap – $573.80 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $36,000, $38,000, $40,000
Support Levels: $26,000, $24,000, $22,000
BTC/USD is hovering within the 9-day and 21-day moving average as the king coin failed to cross above the upper boundary of the channel. The Bitcoin price could begin another decline if the price drops below the support level of $30,000. At the opening of today’s trading; the touches the resistance level of $30,679, but any further bearish movement may keep the coin within the bearish zone.
Bitcoin Price Prediction: Would Bitcoin Face the Downside?
As the Bitcoin price heads to the south, moving towards the lower boundary of the channel may begin to show bearish signs below the $29,000 and $27,000 levels. More so, if there are more losses, the price could break the major supports at $26,000, $24,000, and $22,000. Meanwhile, the technical indicator Relative Strength Index (14) is likely to move below the 35-level to increase the bearish movement.
On the other hand, if the king coin crosses above the channel; it could begin a bullish movement as the main resistance level could be located around the $34,000 level, and a clear break above this level may push the price towards the resistance levels of $36,000, $38,000, and $40,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price may gain the lost momentum to hit the trade above $30,000, but at the moment, the volatility still hovers, and the selling pressure exists, which could lead the king coin not to be able to cross above the 9-day and 21-day moving averages. Meanwhile, the $28,500 and below may come into play if BTC breaks below the lower boundary of the channel.
However, if the buyers power the market, breaking above the moving averages may allow the bulls to reach the resistance level of $32,000 and above. The Relative Strength Index (14) is seen crossing below 40-level, which shows that more bearish signals may play out.
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