BTC/USD Likely to Slide Below $22,000 Support

The Bitcoin price prediction shows that BTC may begin to drop below the moving averages as the coin faces the south.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $23,332
• Bitcoin market cap – $455.8 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: $28,000, $30,000 $32,000

Support Levels: $20,000, $18,000, $16,000

BTC/USD may face a setback that could drag the coin below the lower boundary of the channel, and the king coin is likely to have an additional bearish run if the sellers increase the pressure. At the moment, Bitcoin (BTC) is trading around the $23,332 level.

Bitcoin Price Prediction: BTC Could Fall into the Negative Zone

The Bitcoin price is likely to cross below the 9-day moving average before heading to the 21-day moving average as the king coin touches the daily low at $23,245. If the price were to break below the $23,000 support level, it is likely to face more downtrends. Nevertheless, the further bearish movement could locate supports at $20,000, $18,000, and $16,000, making room for BTC to fall further.

Moreover, the technical indicator Relative Strength Index (14) could retreat below the 70-level as the trading volume is in support of the bears. Meanwhile, if bulls push the price back above the upper boundary of the channel, BTC/USD may move toward the upside to locate the resistance levels at $28,000, $30,000, and $32,000.

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

On the 4-Hour chart, the Bitcoin price keeps hovering within the 9-day and 21-day moving averages, but the immediate support is likely to come at around the $23,000 level. The price may likely fall below this level if the bears continue to dominate the market.

However, a further bearish movement could hit the critical support at the $22,000 level and below, while the resistance could be found above the 9-day moving average at the resistance level of $25,000 and above. Meanwhile, the Bitcoin price is likely to face the negative side as the technical indicator Relative Strength Index (14) crosses below the 50-level.

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