BTC/USD Could Obtain Strong Support Below $17k

The daily chart reveals that the Bitcoin price prediction may extend the bearish movement to the areas below the support level of $17,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $17,279
Bitcoin market cap – $330.5 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

Bitcoin Price Prediction Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $21,500, $22,500, $23,500

Support Levels: $14,458, $13,458, $12,458

BTC/USD falls below $17,500 once again as the first digital asset embarks on support after the coin failed to hold above the resistance level of $17,641. According to the daily chart, the bearish control is seen across the market as the sellers are making effort to increase the bearish movement.

Bitcoin Price Prediction: Bitcoin (BTC) Could Touch $16k Support

The Bitcoin price is hovering at $17,279 with an intraday loss of 1.56%. Looking at the daily chart, the prevailing trend is bearish with expanding volatility as the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the lower boundary of the channel is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $14,458, $13,458, and $12,458.

However, should the Bitcoin price return above the 9-day and 21-day moving averages; the price could rise to the nearest resistance at $20,000. A further bullish drive could push the price to $21,500, $22,500, and $23,500 resistance levels. The technical indicator Relative Strength Index (14) is revealing a bearish movement, which shows that the market may continue to move down.

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

At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $17,500 but may likely drop below the 9-day and 21-day moving averages, bringing its price to trade around $16,800. Meanwhile, should the price drop and stay below the moving averages, it is likely for the coin to head towards the downside to reach the support level at $15,000 and below.

Moreover, if the bulls push the coin above the 21-day moving average, the Bitcoin price could touch the resistance level of $20,500 and above. At the moment, the market may begin to move sideways or experience downtrends as the Relative Strength Index (14) indicator moves below the 40-level.

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