BTC/USD Slumps as Price Could Test $15k Support

The Bitcoin price prediction shows that BTC is likely to cross below the lower boundary of the channel as the coin touches $16,534 support.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $16,579
• Bitcoin market cap – $319.4 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

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

Support Levels: $14,000, $12,000, $10,000

BTC/USD could 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. Currently, Bitcoin (BTC) is trading around the $16,534 level after a free fall below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Bitcoin (BTC) Price Resumes Drop

The Bitcoin price is currently trading bearishly below the moving averages. If the price should slump below the support level of $16,000, it is likely to face more downtrends. Meanwhile, the further bearish movement could locate the supports at $14,000, $12,000, and $10,000, making room for BTC to fall even further.

Nevertheless, the technical indicator Relative Strength Index (14) may into the oversold region as the trading volume could be in support of the bears. On the contrary, if bulls decide to move the price above the 9-day and 21-day moving averages, BTC/USD may locate the resistance levels at $20,000, $22,000, and $24,000.

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

On the 4-Hour chart, the Bitcoin price is seen around the 9-day and 21-day moving averages and the immediate support is likely to come at the $16,000 level. However, the price may likely fall below this level if the bears continue to dominate the market.

Nevertheless, a further bearish movement could hit the critical support at the $14,500 level and below, while the resistance could be located above the channel at the resistance level of $19,500 and above. Meanwhile, the Bitcoin price is currently attempting to move into the positive side as the technical indicator Relative Strength Index (14) is likely to cross above the 50-level.

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