BTC/USD at risk of drop as price hits $23,000

The Bitcoin price prediction shows that BTC remains at risk of further downside before a new rally to $25,000 can begin.

Bitcoin Prediction Statistical Data:

• Bitcoin price now: $23,143
• Bitcoin Market Cap: $444.9 Billion
• Bitcoin circulating supply: 19.2 million
• Total Bitcoin supply: 19.2 million
• Bitcoin Coinmarketcap Ranking – #1

BTC/USD Long-Term Trend – Range (Daily Chart)

Key levels:

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

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

BTC/USD starts to decline as the king coin approaches the $23,000 support level and breaks below the 9-day and 21-day moving averages. The bears may continue to find some support levels below the moving averages on the way to the lower boundary of the channel.

Bitcoin Price Prediction: BTC Price Resumes Downward Movement

Bitcoin price touches the daily low of $23,012, which is below the opening price of $23,329. The king coin is likely to face the $25,000 resistance level hoping to recapture the $24,000 resistance level. Additionally, there was a break below a major uptrend line with support near $23,500 on the daily chart of the BTC/USD pair. However, the Bitcoin price is still around $23,000 and is within the 9-day and 21-day moving averages.

Meanwhile, the Technical Indicator Relative Strength Index (14) is moving below the 70 level, indicating a bearish move. Therefore, if the Bitcoin price faces the upper limit of the channel, it could reach the resistance levels of $27,000, $28,000, and $29,000, but any move below the 21-day moving average could reach the $20 supports. 000, $19,000 and $18,000.

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

According to the 4 hour chart, the price of Bitcoin is heading lower when the Relative Strength Index of the technical indicator (14) slides below the 40 level. On the upside, if the price of Bitcoin crosses below above the 9-day and 21-day moving averages in the near term, the bullish influence could increase and retained gains would be greatly increased.

However, the current candle may target the support level at $22,300 or lower, but the best bulls can do is hold the current market value of $23,099 and keep their focus on breaking potential resistance at $24,000. or more.

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