BTC/USD Risks Fresh Drop Below $16k

The Bitcoin price prediction reveals that BTC is yet to gain strength above the moving averages as the coin heads to the downside.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,863
Bitcoin market cap – $324 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $21,000, $23,000, $25,000

Support Levels: $14,000, $12,000, $10,000

After another failure to stay above the $17,000 level; BTC/USD remains below the 9-day and 21-day moving averages. The Bitcoin price could begin another decline if bulls failed to push it above the moving averages. At the opening of today’s trading; the king coin touches the resistance level of $17,067, but any further bearish movement may bring the coin to the bearish zone.

Bitcoin Price Prediction: Bitcoin (BTC) May Consolidate at the Downside

As the Bitcoin price hovers below the moving averages, crossing below the lower boundary of the channel may increase the selling pressure below the $16,000 level. More so, if there are more losses, the price could break the major supports at $14,000, $12,000, and $10,000. Meanwhile, the technical indicator Relative Strength Index (14) moves below the 40-level to increase the bearish movement.

On the other hand, if the king coin heads to the upside; it could begin a bullish movement and the main resistance could be located around the $20,000 level and a clear break above this level may push the price towards the resistance levels of $21,000, $23,000, and $25,000.

BTC/USD Medium-term Trend: Bearish (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. At the moment, the volatility still hovers, and the selling pressure still exists, this could lead the coin to the downside. Meanwhile, the $15,000 and below may come into play if BTC breaks toward the lower boundary of the channel.

However, if the buyers can reinforce and power the market, traders can expect a retest at a $17,000 resistance level, and breaking this level may further allow the bulls to reach the resistance level of $20,000 and above. The Relative Strength Index (14) is moving to cross above the 40-level, which shows that bullish signals may play out.

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