BTC/USD is trading around $23,176 within the 9-day and 21-day moving averages. Looking at the daily chart, Bitcoin (BTC) has remained in a bearish zone, and it is likely to slide below the moving averages to touch the support of $22,000. However, the king coin is now plunging below the former resistance level of $23,500 which may cause many investors to take profits off the table.
Bitcoin Price Prediction: Would Bitcoin (BTC) Break More Downs?
The Bitcoin price is currently changing hands at $23,176, however, where BTC trends next may partly depend on whether or not buyers can close today’s candle above the $23,000 level. Should in case this comes to play, the bulls may propel prices higher, and then traders may expect the king coin to rise above the $25,000 resistance, which could later move towards the potential resistance levels at $32,000, $34,000, and $36,000.
On the other hand, if the Bitcoin price failed to close above the $23,000 level; the price could drop towards the lower boundary of the channel. A low drive could send the price to $16,000, $14,000, and $12,000 supports. Meanwhile, the technical indicator Relative Strength Index (14) has recently revealed a sign of trend reversal as the signal line shows a possible bearish momentum within the clients.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the hourly chart, following the rejection of $23,240, BTC/USD is trading around the 9-day and 21-day moving averages. Looking at it from above, if Bitcoin holds above $23,000, then the next level of resistance could be $24,000, along with the significantly mentioned ascending trend-line. The next resistance could be $25,000 and above.
Meanwhile, as the technical indicator ranges, this might have signaled a temporary end to the bullish trend of Bitcoin for a moment. However, if the coin falls below the lower boundary of the channel, the market price may likely reach the support levels of $22,000 and below.