The Bitcoin price prediction is likely to spread the bearish move below $29,000 after numerous attempts to hold gains above $30,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $37,000, $39,000, $41,000
Support Levels: $23,000, $21,000, $19,000
BTC/USD falls below $30,000 as the largest cryptocurrency failed to hold above $30,000 following a significant breakout during the European session today. However, the bearish control has been seen across the market, with other major digital assets seeing similar losses when trading below the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Can BTC Price Go Lower?
The Bitcoin price is trading at $29,927 with an intraday gain of 3.14% as the king coin is likely to follow the bearish movement. BTC/USD is currently consolidating within the channel and a breakout of this pattern in the direction of the previous trend is expected to continue. In the meantime, BTC/USD is expected to fall and stay below the 9-day and 21-day moving averages which could move towards the critical support levels at $23,000, $21,000, and $19,000.
Nevertheless, if the Bitcoin price crosses above the 9-day moving average; the price could rise to the vital resistance of $35,000 while a further bullish drive could take the coin to the resistance levels of $37,000, $39,000, and $41,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is currently moving away from the oversold region, which shows that a possible bullish movement may play out within the market.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
As the market opens today, the Bitcoin price touches the daily low of $29,662, but now hovering around $29,970. Should the price drop further below the 9-day and 21-day moving averages, it could hit the next level of support at $27,000 and below.
However, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price could hit the potential resistance level of $34,000 and above. For now, the market may continue to experience a downtrend as the technical indicator Relative Strength Index (14) moves below 50-level.
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