BTC/USD prices began to slide to lower levels in April, when Bitcoin prices were above $45,000. However, BTC/USD is currently trading between $29,000 and $25,000.
Bitcoin current price: $26,000
BTC market cap: $465.5 billion
Total Supply: 19.1 million
Resistance: $31,560.30, $32,163.15, $42,271.50
Support: $27,776.03, $27,139.73, $26,000
Overall, Bitcoin price action has been in a long-term bearish trend from April until now. The king of cryptocurrencies has been struggling to break above the $34,000 price level.
Bitcoin Price Prediction: How Long Will BTC Struggles Last?
The BTC/USD price has been under the brunt of the bears for some time now. However, the bulls attempted to see the cryptocurrency rally past the $34,000 price level, to no avail. Also, looking at the BTC/USD price action on the 1-hour chart, we see that it has broken below the 9-day and 21-day moving averages. The intersection of cryptocurrency price action below the MA takes the cryptocurrency to lower price levels. Furthermore, the RSI indicator on the chart further confirms that Bitcoin price may trade below $25,000. This is so because the fast and slow RSI lines are far apart as they head towards oversold territory.
Bitcoin Price Prediction: Will BTC/USD Turn Around Soon?
On the 4-hours chart of BTC/USD, the 9-day EMA is nearing price action: some candles are touched. However, the price level remains around $26,000.
Also on the RSI indicator: For this chart, the faster RSI line has reached the oversold zone, while the slower RSI line is very close to the oversold zone. For now, for BTC/USD to rally, dip buyers need to be quicker to guard against the bears. Finally, buyer activity pushed prices up to $27,000 and $28,000, respectively.
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