BTC Price Touches $38,369 Low

The Bitcoin price prediction loses traction after hitting $40,817; losses likely to continue in the near term as revealed by the daily chart.

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

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $35,000, $33,000, $31,000

Since the past few days, traders can easily see that BTC/USD is back in the red zone posting major losses of 4.69% on the day after commencing the trading at $40,440. However, the market movement has an intraday high of $40,817; although the world’s largest crypto touches the support level of $38,369 before going back to where it is currently trading at $38,540.

Bitcoin Price Prediction: The Bitcoin Price Ready to Plunge More

The Bitcoin price just moved toward the support level of $38,000, marking $38,369 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally searching for a new low? As the daily volume candle supports the bears, together with the 9-day MA moving below the 21-day MA, it can be assumed that a stronger bearish movement may surface within the market.

At the time of writing, BTC/USD is struggling to maintain the $38,500 level, and if the coin follows the downward trend as the technical indicator Relative Strength Index (14) crosses below the 40-level, the next support may likely come at $35,000, $33,000, and $31,000. On the contrary, if the coin crosses above the 9-day and 21-day moving averages, the further movement could face the upper boundary of the channel to send the price to the resistance levels of $44,000, $46,000, and $48,000.

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

On the 4-Hour chart, the Bitcoin price hovers below the 9-day and 21-day moving averages to touch the low of $38,369 which may take time to persistently trade above $40,000. However, should the bulls gather enough strength and cross above the moving averages; the upward movement may be able to near the resistance levels of $40,500 and above.

However, on the downside, immediate support could be located at the $37,000 level. The Bitcoin price may touch the critical support level of $36,500 and below if the bears put more pressure on the market, a further movement could keep the coin under the lower boundary of the channel. Looking at it technically, the Relative Strength Index (14) remains below the 40-level, suggesting more bearish movement within the channel.

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