BTC/USD Faces Fresh Support At $50,000
Bitcoin Price Prediction – December 3
The Bitcoin price prediction shows BTC sliding towards the downside as the cryptocurrency touches the $51,640 low.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $60,000, $58,000, $56,000
Support Levels: $48,000, $46,000, $44,000
BTC/USD is seen dropping with another loss of 6.10% today as the cryptocurrency falls beneath the $52,000 support level to reach the daily low at $51,640. However, the daily chart reveals that $50,000 is a very important area as it is expected to provide strong support for the coin.
Bitcoin Price Prediction: Bitcoin Price May Cross Below $50k
The Bitcoin price begins to slide below the 9-day and 21-day moving averages at support provided by the trend line of the channel. A breakdown below this trend line could cause the Bitcoin price to create a new low below $50,000 level. However, the king coin is currently in a critical position with the next few days dictating the direction that it will head to. A drop below the lower boundary of the channel could be detrimental to Bitcoin as it could lead the first digital asset towards the supports at $48,000, $46,000, and $44,000.
Moreover, if the buyers can rebound from the current support level at $53,272, the first level of resistance could lie at $55,000. Above this, further resistance is expected at $58,000. This may likely follow by the potential resistance at $60,000, $62,000, and $64,000 levels. Therefore, if the coin can break above these levels, then the market may be on the verge of turning bullish in the long term. Presently, the Relative Strength Index (14) is crossing below 40-level, indicating that more bearish signals might come to play.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
As reveals by the 4-hour chart, the Bitcoin price is seen hovering at $53,681 as the coin trades below the lower boundary of the channel with sellers forcing its price down to the lows of $51,640. However, if the bulls decide to push the market price back above the 9-day and 21-day moving averages, the coin may likely hit the resistance at $56,000 and above.
Nevertheless, it now appears that the cryptocurrency is at risk of seeing further downside in the near term, as the multiple attempts to shatter its $52,000 support seem to indicate that bears are building momentum. As the Relative Strength Index (14) prepares to cross into the oversold region, the king coin may locate the critical support at $50,000 and below.
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