BTC Risks Fresh Drop Below $30,000 Support

Bitcoin price forecast shows that BTC has yet to gain strength above the moving average as the coin is showing some bearish signs.

Bitcoin Prediction Statistics:

Bitcoin Price Now – $30,143 Bitcoin Market Cap – $573.8 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: $36,000, $38,000, $40,000

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

BTC/USD hovered within the 9-day and 21-day moving averages as the king coin failed to break above the upper end of the channel. If the price breaks below the $30,000 support, the Bitcoin price may drop again. At the opening of the day; resistance at $30,679 was touched, but any further bearish moves could keep the coin within the bearish zone.

Bitcoin Price Prediction: Will Bitcoin Face Downside?

As Bitcoin price moves south, a move towards the lower bound of the channel could start showing bearish signs below $29,000 and $27,000. More importantly, if there are more losses, the price could break above the major supports at $26,000, $24,000, and $22,000. Meanwhile, the technical indicator RSI (14) may break below the 35 level to add to the bearish move.

On the other hand, if the coin crosses the channel; it could start a bullish movement as major resistance is likely near $34,000 and a clear break above this level could push the price towards the $36,000, $38,000 and $40,000 resistance levels.

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

Judging from the 4-hour chart, Bitcoin price may gain lost momentum and break above $30,000, but the current volatility is still hovering, and selling pressure exists, which may lead to the failure of the king coin to be cashed. Above the 9-day and 21-day moving averages. Meanwhile, $28,500 and below could come into play if BTC breaks below the lower band of the channel.

However, if buyers provide momentum for the market, a break above the moving averages could allow the bulls to reach resistance at $32,000 and above. The RSI (14) fell below the 40 level, which suggests that more bearish signals are likely to emerge.

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