The Bitcoin price prediction indicates bearish momentum as further upside was rejected overnight, and bullish momentum has been lost.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $35,000, $33,000, $31,000
At the time of writing, BTC/USD is hovering at $39,136 as the king coin stays below the 9-day and 21-day moving averages. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish is coming to play.
Bitcoin Price Prediction: BTC Ready to Slide towards the Downside
Looking at the daily chart, the Bitcoin price is currently on the negative side, and the coin is ready to cross below the lower boundary of the channel. As the market price drops today, the Relative Strength Index (14) is crossing below the 40-level to confirm the bearish movement.
On the upside, a sustainable move above the 9-day moving average could be located at $40,500, which may allow for an extended recovery towards the resistance levels at $44,000, $46,000, and $48,000. However, an increase in selling pressure across the market could force the Bitcoin price towards a painful path that could hit the supports at $35,000, $33,000, and $31,000 respectively.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
When compared to the 4-hour chart, the Bitcoin price is trading below the 9-day and 21-day moving averages. BTC/USD has just survived the $38,550 support as the market is trying to recover from the bearish momentum. However, the Bitcoin price is likely to return to the positive side if the price breaks above the upper boundary of the channel. Therefore, higher resistance could be located at the $40,500, and as the technical indicator Relative Strength Index (14) moves to cross above the 40-level.
On the other hand, if the bearish movement steps back, the support level of $39,000 may not be able to hold the selling pressure, and the king coin is likely to fall to $38,000 and below if the price slides toward the lower boundary of the channel.
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