BTC Begins Fresh Decline Below $30,000

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Bitcoin Price Prediction
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Bitcoin price prediction shows that BTC is showing signs of a market correction as the price falls below $30,000.

Bitcoin Prediction Statistics:

Bitcoin Price Now – $29,489 Bitcoin Market Cap – $562.3 Billion Bitcoin Circulating Supply – 19 million Bitcoin Total Supply – 19 million Bitcoin Coinmarketcap Ranking – #1

BTC/USD long-term trend: bearish (daily)

Critical level:

Resistance: $35,000, $37,000, $39,000

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Support levels: $26,000, $24,000, $22,000

BTC/USD is currently trading below $29,500 as the price breaks below the 9-day and 21-day moving averages. Meanwhile, according to technical indicators, a serious bearish move is likely, which suggests that the king coin could fall further before climbing to the upper boundary of the channel.

Bitcoin Price Prediction: Will Bitcoin (BTC) Cross Higher?

At the time of writing, Bitcoin price is changing hands at $29,489, which marks a sharp rally below the moving averages. However, BTC’s next move may depend on whether sellers can close today’s candle below $29,000. Meanwhile, if this happens, the bears could drag prices lower. Based on the daily chart, traders may expect the coin to break below the $29,000 support level, followed by a possible rise to key support levels at $26,000, $24,000, and $22,000.

On the other hand, if Bitcoin price fails to close below $29,000; the price could rally above the 9- and 21-day moving averages, and a breakout of the upper channel could push the price to $35,000, $37,000 and $39,000 resistance level. What’s more, the technical indicator Relative Strength Index (14) has recently shown signs of a trend reversal, which suggests that bearish momentum could soon emerge in the market.

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

On the 4-hours chart, BTC/USD is currently trading below the 9-day and 21-day moving averages around $29,470 as Bitcoin price breaks below the lower band of the channel.

BTCUSD – 4-hour chart

However, if buyers regroup and reinvigorate the market, they could bring the price back above the 9-day moving average, which could take the market to resistance at $31,000 and above. Meanwhile, the RSI (14) is currently dipping below the 40 level, and any further bearish moves below that level could see the price hit support at $28,000 and below.

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