BTC/USD Retraces Below $20,000 Support

The Bitcoin price prediction indicates bearish momentum as further upside has been rejected in the past few days, and bullish momentum has been lost.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $20,060
Bitcoin market cap – $389.2 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: $24,000, $26,000, $28,000

Support Levels: $17,000, $15,000, $13,000

BTC/USD is currently hovering at $20,060 as the king coin retreats below the 9-day and 21-day moving averages. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may continue to play out.

Bitcoin Price Prediction: BTC Price Could Retreat to Regain the Upside

According to the daily chart, the technical indicator Relative Strength Index (14) shows that Bitcoin price is heading toward the south. Meanwhile, BTC/USD is not yet done with the upside. Despite the drop suffered today, there may still be a room that could be explored by the bulls as the Bitcoin price may rebound if the first digital asset crosses above the 9-day and 21-day moving averages.

At the moment, the daily chart reveals that there could be a recovery to the upside but it may not come easy as the support will have to be sorted for above the previous resistance level of $21,000. Meanwhile, a sustainable move toward the upper boundary of the channel could be located at $22,000, which may allow for an extended recovery toward the resistance levels at $24,000, $26,000, and $28,000. However, an increase in selling pressure could force the Bitcoin price towards the supports at $17,000, $15,000, and $13,000.

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

On the 4-hour chart, the Bitcoin price is seen trading below the 9-day and 21-day moving averages. BTC/USD has just survived the $19,000 support as the market is trying to recover from the bearish momentum. However, BTC/USD is likely to return to the bull market if the price breaks above the moving averages.

Meanwhile, higher resistance could be located at $22,000 and above, and as the technical indicator Relative Strength Index (14) moves around 30-level. Therefore, if the bearish movement continues, the support level of $18,500 and below could be reached as the king coin may cross below the lower boundary of the channel.

Alternatives to Bitcoin

The Bitcoin bulls are still struggling to push the price above the $21,000 overhead resistance as it faces rejection at $20,876. Meanwhile, if the Bitcoin price failed to close above the $21,000 level; the market price could drop below the lower boundary of the channel. However, Fight Out  is an innovative project from Web3 that aims to inspire its users to improve their health, provide rewards and gamify these experiences in the metaverse as almost $6 million has been raised so far in the ongoing presale.

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