BTC/USD Could Obtain Strong Support Below $23k

The daily chart reveals that the Bitcoin price prediction may extend the bearish movement to the areas below the support level of $23,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $23,046
Bitcoin market cap – $444 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: $27,000, $28,000, $29,000

Support Levels: $20,000, $19,000, $18,000

BTC/USD falls below $23,000 as the first digital asset embarks on support after the coin failed to hold above the resistance level of $25,000. According to the daily chart, the bearish control is seen across the market as the sellers are making effort to increase the bearish movement.

Bitcoin Price Prediction: Bitcoin (BTC) Could Touch $22k Support

The Bitcoin price is hovering at $23,046 with an intraday loss of 0.73%. Looking at the daily chart, the prevailing trend is bearish with expanding volatility as the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the lower boundary of the channel is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $20,000, $19,000, and $18,000.

However, should the Bitcoin price return above the 9-day and 21-day moving averages; the price could rise to the nearest resistance at $24,000. A further bullish drive could push the price to $27,000, $28,000, and $29,000 resistance levels. The technical indicator Relative Strength Index (14) is revealing a bearish movement, which shows that the market may continue to move down.

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

At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $23,110 but may likely drop below the lower boundary of the channel, bringing its price to trade around $22,800. Meanwhile, should the price stay below the 9-day and 21-day moving averages, it is likely for the coin to head toward the downside to reach the support level of $21,000 and below.

Moreover, if the bulls push the coin above the moving averages, the Bitcoin price could touch the resistance level of $25,500 and above. At the moment, the market may begin to move sideways or experience downtrends as the Relative Strength Index (14) indicator moves around the 30-level.

Bitcoin Alternatives

According to the daily chart, Bitcoin (BTC) reacted with a sharp price drop, which drove it from $24,000 to just under $23,000. Thus, the first digital asset charted its lowest price tag in ten days. Moreover, the Bitcoin price will need to retrace to the prior low above the $23,000 support to start an uptrend. On that note, a new crypto called Fight Out (FGHT) is doing well in the market. Fight Out is a revolutionary Web3 project that aims to incentivize its users to level up their health, give rewards, and gamify these experiences in the metaverse. Investors with solid foresight should consider the untapped potential of the fitness industry that can be leveraged via the blockchain as close to $5 million has been raised in the presale.

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