BTC/USD Slides Below $24k; Is another wave coming?

The Bitcoin price prediction shows that BTC could slip below the 21-day moving average if the coin touches the $23,500 support.

Bitcoin Prediction Statistical Data:

• Bitcoin price now: $23,615
• Bitcoin Market Cap: $449.4 Billion
• Bitcoin circulating supply: 19.2 million
• Total Bitcoin supply: 19.2 million
• Bitcoin Coinmarketcap Ranking – #1

BTC/USD Long-Term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $27,000, $28,000 $29,000

Support levels: $21,500, $22,500, $23,500

BTC/USD could face a setback that could drag the king coin to the lower boundary of the channel. However, Bitcoin price is likely to have a further downtrend as it continues to hover around the $23,615 level.

Bitcoin Price Prediction: Bitcoin (BTC) Could Face The Negative Zone

Bitcoin price is currently sinking below the 9-day moving average as the king coin moves to cross below the 21-day moving average. Therefore, if the market price falls below the $23,500 support level, it is likely to face more downtrends and further bearish movement could place the supports at $21,500, $22,500 and $23,500, leaving room for for BTC to fall further.

However, the technical indicator Relative Strength Index (14) moves below the 60 level as trading volume supports the bears. Meanwhile, if the bulls hold the current market value and push the price above the 9-day moving average, BTC/USD may cross above the upper bound of the channel to locate resistance levels at $27,000, $28,000. and $29,000.

BTC/USD Medium Term Trend – Range (4-hour chart)

On the 4-hour chart, Bitcoin is holding below the 9-day and 21-day moving averages, with immediate support likely to come in around the $23,000 level. The price is likely to drop below this level if the bears continue to dominate the market.

However, a further move lower could reach critical support at the $22,000 level and below, while resistance sits above the moving averages at the $26,000 and higher resistance level. Meanwhile, the price of Bitcoin is currently trading on the downside as the technical indicator Relative Strength Index (14) crosses below the 40 level.

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