BTC/USD Risks Fresh Drop Below $20,500 Support

The Bitcoin price prediction reveals that BTC is yet to gain strength above the channel as the coin shows a few bearish signs.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $20,698
Bitcoin market cap – $397.4 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $24,000, $25,000, $26,000

Support Levels: $18,000, $17,000, $16,000

After another failure to clear the $21,000 resistance, BTC/USD heads toward the 9-day and 21-day moving averages. The Bitcoin price could begin another decline if bulls failed to push it above the upper boundary of the channel. At the opening of today’s trading; the touches the resistance level of $21,069 before heading to the south but any further bearish movement could bring the coin to the bearish zone.

BTC Price Prediction: Would Bitcoin (BTC) Head to the Downside?

As the Bitcoin price hovers above the moving averages, sliding toward the lower boundary of the channel could show bearish signs below the $20,000 level. More so, if there are more losses, the market price could break the major supports at $18,000, $17,000, and $16,000. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below the 60-level to confirm the bearish movement.

On the other hand, if the king coin crosses above the upper boundary of the channel; it could begin a bullish movement. Moreover, the main resistance could be located around the $21,000 level and a clear break above this level may push the price toward the resistance levels of $24,000, $25,000, and $26,000.

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

According to the 4-hour chart, the coin may gain the lost momentum to hit the trade above $21,000, but at the moment, the volatility still hovers, and the selling pressure exists, and this could lead the coin not to be able to cross above the 9-day and 21-day moving averages. Meanwhile, the $19,500 and below may come into play if BTC breaks below the lower boundary of the channel.

However, if the Bitcoin price can reinforce and power the market, traders can expect a retest at the $21,000 resistance level, breaking this level may further allow the bulls to reach the resistance level of $22,000 and above. The Relative Strength Index (14) is seen above 40-level which shows that more bearish signals may continue to play out.

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