BTC Bears May Slide Below $29,000 Support

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The Bitcoin price prediction shows that BTC is likely to cross below the moving averages as the coin touches $29,402 support.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $29,525
  • Bitcoin market cap – $564.8 billion
  • Bitcoin circulating supply – 19.0 million
  • Bitcoin total supply – 19.0 million
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $36,000, $38,000 $40,000

Support Levels: $24,000, $22,000, $20,000

BTC/USD may face a setback that could drag the coin below the 9-day and 21-day moving averages, and the king coin is likely to have an additional bearish run. Currently, Bitcoin (BTC) is trading around the $29,525 level after a free fall from the daily high of $30,674 during the European.

Bitcoin Price Prediction: Bitcoin (BTC) Heads to the Downside

The Bitcoin price is currently nose-diving below the moving averages. If the price should slump below the support level of $29,000, it is likely to face a downward trend. Moreover, the further bearish movement could locate the supports at $24,000, $22,000, and $20,000, making room for BTC to fall even further.

In the meantime, the technical indicator Relative Strength Index (14) may cross below 40-level as the trading volume could be in support of the bears. On the contrary, if bulls decide to move the price back above the 9-day and 21-day moving averages, BTC/USD may move towards the upper boundary of the channel to locate the resistance levels at $36,000, $38,000, and $40,000.

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

On the 4-Hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages and the immediate support is likely to come at the $29,500 level. The price may likely fall below this level if the bears continue to dominate the market.

BTCUSD – 4 Hour Chart

However, a further bearish movement could hit the critical support at the $28,500 level and below, while the resistance is located above the moving averages at the resistance level of $31,000 and above. Meanwhile, the Bitcoin price is currently moving on the positive side as the technical indicator Relative Strength Index (14) is likely to cross above 40-level.

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