BTC Risks Fresh Drop Below $30,000 Support

Bitcoin Price Prediction

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.

BTCUSD – 4-hour chart

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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