BTC/USD Drops Below $16,900 Level

The Bitcoin price prediction shows that BTC slides below the resistance level of $16,900 as further downside momentum may come to play.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,622.12
Bitcoin market cap – $320.8 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 range-bounds with the selling pressure seen around the $16,622 level which is stopping it from seeing any major gains. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day and 21-day moving averages. However, until bulls keep the price above this barrier, the king coin may continue to face a prolonged sideways.

Bitcoin Price Prediction: Bitcoin May Drop Slightly

The Bitcoin price may remain below the 9-day and 21-day moving averages as the daily chart shows; however, a further retracement seems imminent, and it is likely to break below $16,000. Meanwhile, $14,000, $12,000, and $10,000 serve as the major support levels. The technical indicator Relative Strength Index (14) is likely to slide below 40-level, suggesting a bearish movement.

However, as the daily chart reveals, if the bulls could push the price back above the daily high at $16,967, BTC/USD may see a potential resistance level at $17,000, therefore, any further movement towards the upper boundary of the channel could send it to other resistance levels at $20,000, $22,000, and $24,000 respectively.

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

Looking at the 4-hour chart, the bears are likely to come into the market as the market price stays below the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the upper boundary of the channel. Meanwhile, if BTC/USD breaks above the channel, $17,500 and above may come into play.

However, if the price breaks towards the lower boundary of the channel, the support level of $16,000 and below may be in focus. Meanwhile, as the Relative Strength Index (14) nosedives below the 40-level, more bearish signals may play out before a rebound could come in.

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