Bitcoin price forecast shows that BTC is likely to follow a bearish move as the price falls to a daily low of $20,562.
Bitcoin Prediction Statistics:
Bitcoin Price Now – $20,703 Bitcoin Market Cap – $395 Billion Bitcoin Circulating Supply – 19 million Bitcoin Total Supply – 19 million Bitcoin Coinmarketcap Ranking – #1
BTC/USD long-term trend: bearish (daily)
Resistance: $28,000, $30,000, $32,000
Support levels: $15,000, $13,000, $11,000
BTC/USD is experiencing an unexpected sell-off as the market price falls below the 9-day moving average. The first digital asset fell after hitting a daily high of $21,520. However, if the bulls return to the market, a reversal could occur, which could take the coin above the opening price of $21,024.
Bitcoin Price Prediction: Where Will Bitcoin (BTC) Go Next?
At the time of writing, technical indicators suggest that a bearish move is likely in Bitcoin price. The RSI (14) continued to trade below the 40 level. That could mean bears can still explore space. Therefore, if the market price breaks below the lower boundary of the channel, BTC/USD may continue to decline.
On the upside, the recovery may not be in focus, but any attempt to move towards the upper border of the channel could see the coin move and hit resistance at $28,000, $30,000 and $32,000. Meanwhile, an increase in selling pressure could force Bitcoin price down a bearish path with support likely at $15,000, $13,000, and $11,000.
BTC/USD Mid-Term Trend: Volatility (4H Chart)
On the 4-hour chart, Bitcoin price has been fluctuating as the coin dipped below the 9-day and 21-day moving averages. However, if the 9-day EMA breaks above the 21-day EMA, Bitcoin price could return to a bull run, with higher resistance levels likely at $23,000 and above.
Likewise, if the price turns down and moves towards the lower bound of the channel, the $19,000 support may not hold the selling pressure as the Relative Strength Index (14) dips below the 50 level. Any further bearish moves could hit support at $18,500 and below.
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