BTC/USD could get strong support below $23k

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The daily chart reveals that the Bitcoin price prediction may extend the bearish move to the areas below the $23,000 support level.

Bitcoin Prediction Statistical Data:

Bitcoin price now: $23,046
Bitcoin Market Cap: $444 Billion
Bitcoin circulating supply: 19.2 million
Total Bitcoin supply: 19.2 million
Bitcoin Coinmarketcap Ranking – #1

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

Key levels:

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

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

BTC/USD falls below $23,000 as the first digital asset embarks on support after the coin failed to hold above the $25,000 resistance level. According to the daily chart, bearish hold is seen at the entire market as sellers strive to add to the bearish move.

Bitcoin Price Prediction: Bitcoin (BTC) Could Touch $22k Support

The price of Bitcoin is around $23,046 with an intraday loss of 0.73%. Looking at the daily chart, the prevailing trend is down with expanding volatility as the first digital asset is likely to consolidate in a bear flag pattern. Meanwhile, a break below the lower boundary of the channel is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and hold below to reach the critical support levels of $20,000, $19,000, and $18,000.

However, if the price of Bitcoin returns above the 9-day and 21-day moving averages; the price could rally to the nearest resistance at $24,000. Further bullish momentum could take the price to resistance levels of $27,000, $28,000, and $29,000. The Relative Strength Index (14) technical indicator is revealing a bearish move, which shows that the market may continue to move lower.

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

At the open of today’s market, the price of Bitcoin is facing to touch the resistance level of $23,110, but it is likely that it will fall below the lower limit of the channel, which makes its price trade around $22,800. Meanwhile, if the price sustains below the 9-day and 21-day moving averages, the coin is likely to head lower to reach the support level of $21,000 or below.

BTCUSD – 4 hour chart

Furthermore, if the bulls push the coin above the moving averages, the Bitcoin price could touch the resistance level of $25,500 or higher. For now, the market may start to go sideways or experience bearish trends as the Relative Strength Index (14) indicator moves around the 30 level.

Bitcoin Alternatives

According to the daily chart, Bitcoin (BTC) reacted with a sharp price drop, taking it from $24,000 to just under $23,000. Thus, the first digital asset charted its lowest price in ten days. Furthermore, the price of Bitcoin will need to return to the previous low above the $23,000 support to start an uptrend. In that sense, a new cryptocurrency called Fight Out (FGHT) is doing well in the market. Fight Out is a revolutionary Web3 project that aims to incentivize its users to improve their health, give rewards and gamify these experiences in the metaverse. Investors with a strong vision should consider the untapped potential of the fitness industry that can be tapped through the blockchain, as close to $5 million has been raised in pre-sale.

Fight Out (FGHT) – Move to win in the metaverse