The Bitcoin price prediction shows that BTC faces bearish momentum as the scam fails to break through the channel.
Bitcoin prediction statistical data:
- Bitcoin Price Now – $22,226
- Market cap of Bitcoin – $424.8 billion
- Circulating supply of Bitcoin – 19.1 million
- Total Bitcoin supply – 19.1 million
- Coinmarketcap Bitcoin Ranking – #1
BTC/USD Long Term Trend: Bearish (Daily Chart)
Resistance levels: $28,000, $30,000, $32,000
Support levels: $17,000, $15,000, $13,000
BTC/USD hovers at $22,226. There were instances where BTC touched the low of $22,212 to support the bearish price action. At the time of writing, the path of least resistance lies around the 9-day and 21-day moving averages, and the daily chart shows that the formation of a downtrend may be in focus.
Bitcoin Price Prediction: BTC Fails To Hit Crucial Resistance
Looking at the daily chart, the bulls are struggling to keep the bitcoin pricee above the 9-day and 21-day moving averages, but the price is currently falling below the 9-day MA. BTC/USD has been suffering since the European session as the Relative Strength Index (14) technical indicator breaks below the 50 level. This could mean that the King coin is not yet ready for the upside.
On the upside, the recovery might not be easy as the coin is expected to cross the upper boundary of the channel. Meanwhile, a sustained move above this barrier may locate the $25,000 resistance level, which may allow for an extended rally towards potential resistance levels at $28,000, $30,000 and $32,000. $. However, an increase in selling pressure in the market could bring Bitcoin price towards the supports at $17,000, $15,000 and $13,000.
BTC/USD Medium-Term Trend: Bearish (4H chart)
Bitcoin price is trading below the 9-day and 21-day moving averages on the 4-hour chart. If the price breaks above the moving averages, it could move towards the upper boundary of the channel. Meanwhile, as the technical indicator Relative Strength Index (14) remains below the 50 level, the centerpiece may reach the resistance level of $24,000 and above, if the bulls increase the pressure.
On the other hand, if the bearish move continues, the $22,000 support level may not be able to sustain the selling pressure, and BTC/USD is likely to fall to the $21,000 support level and below if the price breaks below the lower boundary. of the channel.
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