After multiple attempts to hold gains above $30,000, Bitcoin price prediction could extend the bearish move below $29,000.
BTC/USD long-term trend: bearish (daily)
Resistance: $37,000, $39,000, $41,000
Support levels: $23,000, $21,000, $19,000
BTC/USD dipped below $30,000 as the largest cryptocurrency failed to hold above $30,000 following a major breakout during today’s European session. However, bearish control emerged across the market, with other major digital assets posting similar losses as they traded below their 9- and 21-day moving averages.
Bitcoin Price Prediction: Can BTC Price Go Lower?
Bitcoin price is trading at $29,927, up 3.14% intraday, as the king coin is likely to follow a bearish move. BTC/USD is currently consolidating within a channel and the pattern is expected to continue to break out in the direction of the previous trend. Meanwhile, BTC/USD is expected to fall and stay below the 9-day and 21-day moving averages, which could move towards the key support levels of $23,000, $21,000 and $19,000.
However, if the Bitcoin price breaks above the 9-day moving average; the price could rise to the important resistance level of $35,000, while further bullish drive could take the coin to the resistance levels of $37,000, $39,000, and $41,000. Additionally, the technical indicator, the Relative Strength Index (14), is currently moving away from oversold territory, which suggests a possible bullish move in the market.
BTC/USD medium-term trend: Bearish (4-hour chart)
Bitcoin price hit a daily low of $29,662 as the market opened today, but is now hovering around $29,970. If the price breaks further below the 9-day and 21-day moving averages, it could hit the next support at $27,000 and below.
However, if the bulls push the coin above the upper limit of the channel, Bitcoin price could touch potential resistance at $34,000 and above. For now, the market may continue to decline as the technical indicator RSI (14) falls below the 50 level.
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