BTC/USD Could Still Drop Below $28,000 Support

The Bitcoin price prediction reveals that BTC is yet to gain strength above the channel as the king coin could risk fresh support.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $28,146
Bitcoin market cap – $541 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $34,000, $36,000, $38,000

Support Levels: $23,000, $21,000, $19,000

Looking at the daily chart, BTC/USD is likely to cross below the 9-day moving average before sliding toward the 21-day moving average. The Bitcoin price could begin another decline if bulls failed to push it above the upper boundary of the channel. At the opening of today’s trading; the king coin touches the resistance level of $28,534, but any further bearish movement may push it to the bearish zone.

Bitcoin Price Prediction: Would Bitcoin (BTC) Head to Downside?

As the Bitcoin price moves within the channel, sliding toward the lower boundary of the channel could begin to show bearish signs. However, if the market gains more losses, the price could touch the major supports at $23,000, $21,000, and $19,000. Meanwhile, the technical indicator Relative Strength Index (14) moves below the 70-level, suggesting bearish signals in the market.

On the other hand, if the king coin crosses above the upper boundary of the channel; it could begin a fresh bullish movement and the main resistance could be located around the $32,000 level. A clear break above this level could push the price toward the resistance levels of $34,000, $36,000, and $38,000.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the coin may gain lost momentum if it breaks above the 9-day and 21-day moving averages, but at the moment, the volatility still hovers, and the selling pressure may come to focus, which could lead the coin to the downside. Meanwhile, the $25,000 and below could be located if BTC breaks below the lower boundary of the channel.

However, if the buyers can reinforce and power the market, traders can expect a retest at a $29,000 resistance level, and breaking this level may further allow the bulls to reach the resistance level of $32,000 and above. The Relative Strength Index (14) remains above the 50-level, which shows that the market may move sideways.

Alternatives to Bitcoin

The Bitcoin price is hovering around $28,000 and there have been instances in the market movement where the Bitcoin price has exchanged hands above this level. However, traders can take note that the path of least resistance is still range-bound as the daily chart shows that the coin may face the south. Nonetheless, Love Hate Inu is the world’s first blockchain-based online voting platform. The Platform members can leverage cryptocurrency to share their thoughts and opinions on polls about entertainment, politics, sports, and important social issues with almost $2 million raised in the ongoing presale.

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