BTC/USD Stumbles Again After Touching $17,424

The Bitcoin price prediction shows that BTC may fall below the 9-day and 21-day moving averages if it touches the support of the $16,000 level.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,911
Bitcoin market cap – $326.4 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: $14,500, $12,500, $10,500

The daily chart reveals that BTC/USD may claim more support as the king coin moves within the descending channel with the current consolidation pattern. Moreover, as the coin fails to head towards the upper boundary of the channel, the Bitcoin price may likely see a sharp drop below the lower boundary of the channel. However, the nearest support may be located at $16,000. Beneath this, other supports could be found at $14,500, $12,500, and $10,500.

Bitcoin Price Prediction: Bitcoin (BTC) May Head to the South

According to the daily chart, the Bitcoin price has failed to break above the resistance level at $17,,000, the king coin may set up another few days of negative price declines beneath $16,500. Meanwhile, a break above the previous level would have set Bitcoin up to retest the $17,424 level. The technical indicator Relative Strength Index (14) is moving below the 50-level, suggesting that the market may head to the south.

During the European session today, the Bitcoin price touches the daily low of $16,865 but could drop below the 9-day and 21-day moving averages to create another support level. However, if the coin moves toward the upside, resistance levels could be located at $21,000, $23,000, and $25,000.

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

The 4-hour chart shows that the Bitcoin bears are dominating the market by bringing the BTC price towards the lower boundary of the channel. Although the Bitcoin price has not yet crossed below the channel, it’s likely to create move downtrends once it breaks below the support level of $16,500.

At the moment, BTC/USD is bearish, but any upward movement above the upper boundary of the channel could push the price to the nearest resistance at $18,000 and above while the immediate support lies at $16,000 and below. The technical indicator Relative Strength Index (14) is crossing below the 50-level, suggesting that the market may head to the south.

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