BTC Loses Support Below $29,000
The Bitcoin price prediction shows that BTC is falling below the moving averages as it trades at the $29,485 level.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $29,485
Bitcoin market cap – $561.7 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $35,000, $37,000, $39,000
Support Levels: $24,000, $22,000, $20,000
The daily chart reveals that BTC/USD is likely to claim more support as the king coin moves within the descending channel with the current consolidation pattern. More so, as the coin fails to cross above the 9-day and 21-day moving averages, BTC/USD may likely see a sharp drop below the lower boundary of the channel. Similarly, the first level of support may be located at $26,000. Beneath this, other supports lie at $24,000, $22,000, and $20,000.
Bitcoin Price Prediction: Bitcoin (BTC) May Not Head to the Upside Now
As the daily chart reveals, the Bitcoin price has failed to break above the resistance level at $30,000, the king coin may set up another few days of negative price declines beneath $29,000. A break above the previous level would have set Bitcoin up to retest the $30,000 level. Meanwhile, the technical indicator Relative Strength Index (14) may move sideways.
Moreover, traders can see that the Bitcoin price remains around the 9-day moving average, crossing below it may gain more downtrends. Today, the Bitcoin price touches $29,850 but now dropping beneath the support level of $29,500. However, it does look that bears may end up closing below this support. More so, toward the upside, resistance lies at $35,000, $37,000, and $39,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the Bitcoin bulls are now stepping back into the market pushing the BTC price to cross above the 9-day and 21-day moving averages. Although the Bitcoin price has not yet slipped below $29,000 in the last few hours, it’s still in the loop of making a bounce back.
At the moment, BTC/USD is currently moving around the moving averages. The upward movement may likely push the price nearest resistance at $37,000 and above while the immediate support lies at $28,000 and below. The technical indicator Relative Strength Index (14) is moving to cross above 50-level, suggesting that the market may head to the north.
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