Bitcoin Price Predicted to Drop Below $23,500: Prepare for Another Dip
• Bitcoin price is yet to gain strength above the resistance level of $25,000.
• If bulls failed to push the coin to the upside, BTC/USD could experience another drop below $23,500.
• If the buyers can reinforce and power, BTC could head towards the upper boundary of the channel and a clear break above this barrier may cause it to reach resistance levels of $28,000, $29,000 and $30,000.
Bitcoin Price Prediction
The Bitcoin price prediction reveals that BTC is yet to gain strength above the resistance level of $25,000 as the coin ranges. After another failure to cross above this level; BTC/USD is seen sliding below the 9-day moving average. Therefore, if there are more losses, the price could break major supports at $21K-$19K. On the other hand; if buyers can reinforce and power up; BTC could move towards upper boundary of channel and reach resistance levels of $28K-$30K.
Relative Strength Index (14) is hovering around 40-level suggesting sideways movement in Bitcoin’s market while 9-day moving average is acting as a major support for king coin right now.
Resistance & Support Levels
Resistance Levels: $28K-$29K-$30K Support Levels:$21K-$20K-$19k
What To Expect?
Bitcoin price may head south if buyers fail to push it upwards or if sellers increase their pressure on market. Meanwhile; clear break above upper boundary may result in reaching resistance levels between 28-30k whereas any further decline will lead it to 21k or below which means further losses for traders and investors alike.
Bitcoin (BTC) is currently trading beneath its 9-day MA indicating bearish momentum in market but bulls still have an opportunity left if they can strengthen their grips over market soon enough which might result in crossing upper boundaries and reaching desired targets set by traders & investors across globe.