Bitcoin Price Prediction for Today, July 12: BTC/USD Slumps Below $19,500
The Bitcoin price sees a 2.48% decline over the past few hours as the cryptocurrency fails to cross above $20,000 and heads lower.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $19,448
Bitcoin market cap – $372.2 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $27,000, $29,000, $31,000
Support Levels: $14,000, $12,000, $10,000
BTC/USD loses its momentum after touching key resistance above $20,037. As of writing, the king coin is down 2.48% on the day at $19,448 hovering below the 9-day and 21-day moving averages. Meanwhile, Bitcoin may struggle to close above $19,000 and if it does, it should be free to rise well above $20,000 if it moves in the next positive direction.
Bitcoin Price Prediction: Can Bitcoin Price Trade Above $20K?
After a slightly positive move above $20,000 during the European session today, the Bitcoin price is sliding below the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to break above the upper boundary of the channel. Moreover, in today’s session, the coin attempted to push higher but the sellers step in and start pushing the coin lower to touch the daily low of $19,258.
Nevertheless, if the coin moves lower, the $19,000 may serve as the nearest support level, which may likely make room for the coin to fall further to hit the supports at $14,000, $12,000, and $10,000. The Relative Strength Index (14) nosedives below 40-level indicate a downward movement. On the contrary, if the coin breaks above the moving averages, it could hit the resistance levels of $27,000, $29,000, and $31,000 which is above the upper boundary of the channel.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-Hour chart, the BTC price keeps hovering around $19,396 and could take time to cross above the 9-day and 21-day moving averages. However, if the bulls gather enough strength, the upward movement may be able to near the resistance levels of $22,000 and above.
On the downside, immediate support could be located around the $19,000 level while the critical support is at the $18,000 and below. Therefore, the Bitcoin price may likely fall towards the lower boundary of the channel if the bears put more pressure on the market, more so, the Relative Strength Index (14) is within the oversold region, suggesting a bearish movement.
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