BTC Bears May Slide Below $29,000 Support

The Bitcoin price forecast shows that BTC could break below the moving averages as the coin hits the $29,402 support.

Bitcoin Prediction Statistics:

Bitcoin Price Now – $29,525 Bitcoin Market Cap – $564.8 Billion Bitcoin Circulating Supply – 19 million Bitcoin Total Supply – 19 million Bitcoin Coinmarketcap Ranking – #1

BTC/USD Long Term Trend: Range (Daily)

Critical level:

Resistance: $36,000, $38,000, $40,000

Support levels: $24,000, $22,000, $20,000

BTC/USD could face setbacks that could drag the coin below the 9-day and 21-day moving averages, while the king coin could be further bearish. Currently, Bitcoin (BTC) is trading around $29,525 after falling freely from a daily high of $30,674 during the European session.

Bitcoin Price Prediction: Bitcoin (BTC) Heading Down

Bitcoin price is currently breaking below the moving averages. If the price breaks below the $29,000 support, it is likely to face a downtrend. Additionally, further bearish moves could locate support at $24,000, $22,000, and $20,000, providing room for BTC to fall further.

Meanwhile, the technical indicator, the Relative Strength Index (14), may break below the 40 level, as trading volume may support the bears. Conversely, if the bulls decide to move the price back above the 9- and 21-day moving averages, BTC/USD could move towards the upper end of the channel to target resistance at $36,000, $38,000 and $40,000.

BTC/USD Mid-Term Trend: Volatility (4H Chart)

On the 4-hours chart, Bitcoin price remains below the 9-day and 21-day moving averages, with immediate support likely at $29,500. If the bears continue to dominate the market, the price may break below this level.

However, a further bearish move could hit key support at $28,500 and below, while resistance lies above the moving averages of resistance at $31,000 and above. Meanwhile, Bitcoin price is currently rising as the technical indicator, the Relative Strength Index (14), may break above the 40 level.

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