BTC/USD Ready for Further Downside at $30,000

Bitcoin Price Prediction – January 24

For the past few weeks, the Bitcoin price prediction has been facing some immense selling pressure as the coin touches the daily low of $33,518 level.

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

Key levels:

Resistance Levels: $41,000, $43,000, $45,000

Support Levels: $28,000, $26,000, $24,000

BTC/USD is seen sliding below the 9-day and 21-day moving averages, with the selling pressure seen under $35,000 level which is stopping it from seeing any major gains throughout the past few days. Traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day moving average. However, until the market price remains above this barrier, BTC/USD could face another downward movement.

Bitcoin Price Prediction: Would BTC Price Slump Again?

At the time of writing, the Bitcoin price is trading down with a loss of 7.62% at its current price of $33,518. This marks a serious down from its daily opening at $36,275 and the coming few days are not ready to shine a light on the Bitcoin price movement, as it is likely to slump again. Therefore, any decline or rise from the current level could determine its trend throughout the beginning of another trading week.

BTC/USD is currently sliding towards the lower boundary of the channel, with bears moving towards the negative side of the market. On the contrary, any bullish movement above the 9-day and 21-day moving averages may take the price to cross above the upper boundary of the channel to hit the resistance levels of $41,000, $43,000, and $45,000 while the supports could be located at $28,000, $26,000, and $24,000 as the technical indicator Relative Strength index (14) moves within the oversold region.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, the resistance at $35,000 may be too heavy for the bulls to overcome as the price is now heading to the south, which could make the cryptocurrency to focus on the downtrend. However, should in case the Bitcoin price decides to rebound, it may likely hit the resistance level at $36,000 and above.

Moreover, the king coin is still roaming around $33,443 as bears are keeping the price near the lower boundary of the channel. Meanwhile, the $31,000 and below may come into play if the technical indicator Relative Strength Index (14) remains within the oversold zone.