BTC/USD Touches $17,500; Is that all for Bulls?

The Bitcoin price prediction reveals that BTC continues to head to the downside as its price moves below $18k to touch the new low of $17,500.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $18,088
Bitcoin market cap – $349.7 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

Bitcoin Price Prediction Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $23,000, $24,000, $25,000

Support Levels: $16,000, $15,000, $14,000

BTC/USD is trading around $18,088 below the 9-day and 21-day moving averages. Looking at the daily chart, Bitcoin (BTC) bears now step back into the market, it is likely to bring the coin to touch the support of $17,000. However, the king coin is now plunging below the former resistance level of $18,500 which may cause many investors to take profits off the table.

Bitcoin Price Prediction: Would Bitcoin Break More Downs?

The Bitcoin price is currently changing hands at $18,188, however, where BTC trends next may partly depend on whether or not buyers can close today’s candle above the $18,000 level. Should in case this comes to play, the bulls may propel prices higher, and then traders may expect the king coin to rise above the $20,000 resistance, which could later move towards the potential resistance levels at $23,000, $24,000, and $25,000.

On the other hand, if the Bitcoin price failed to close above the $18,000 level; the price could drop towards the lower boundary of the channel and a low drive could send the price to $16,000, $15,000, and $14,000 supports. Meanwhile, the technical indicator Relative Strength Index (14) has recently revealed a sign of trend reversal as the signal line shows a possible bearish momentum within the clients.

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

Looking at the hourly chart, following the rejection of $18,500, BTC/USD is trading below the 9-day and 21-day moving averages. Looking at it from above, if Bitcoin holds above $18,000, the next level of resistance could be $20,000 and above.

Meanwhile, as the technical indicator Relative Strength Index (14) slides into the oversold region, this might have signaled a temporary end to the bullish trend of Bitcoin, and if the coin falls below the lower boundary of the channel, the market price could reach the support level of $16,500 and below.

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