BTC/USD is likely to slide below the $29,000 support

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The Bitcoin price prediction shows that BTC may start to fall below the moving averages as the coin heads south.

Bitcoin Prediction Statistical Data:

Bitcoin price now: $29,320
Bitcoin Market Cap: $564.6 Billion
Bitcoin circulating supply: 19.3 million
Total Bitcoin supply: 19.3 million
Bitcoin Coinmarketcap Ranking – #1

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

Key levels:

Resistance levels: $36,000, $38,000 $40,000

Support levels: $25,000, $23,000, $21,000

BTC/USD may face a setback that could drag the coin towards the lower boundary of the channel, and the king coin is likely to trend further down if sellers turn up the pressure. Right now, Bitcoin (BTC) is trading around the $29,320 level.

Bitcoin Price Prediction: Bitcoin (BTC) Could Fall Into The Negative Zone

Bitcoin price is likely to cross below the 21-day moving average before heading towards the lower boundary of the channel. If the market price were to break below the $29,000 support level, it is likely to face more downtrends. Meanwhile, further bearish movement could locate supports at $25,000, $23,000, and $21,000, leaving room for BTC to fall further.

Additionally, the technical indicator Relative Strength Index (14) is moving below the 60 level as trading volume supports the bears. Meanwhile, if the bulls push the price above the upper limit of the channel, BTC/USD can move higher to find resistance levels at $36,000, $38,000, and $40,000.

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

On the 4-hour chart, Bitcoin remains below the 9- and 21-day moving averages, but immediate support is likely to come in around the $29,000 level. The price is likely to drop below this level if the bears continue to dominate the market.

However, a further move lower could hit critical support at or below $28,000, while resistance could be found above the 9-day moving average at the $31,000 or higher resistance level. Meanwhile, the Bitcoin price may continue to face the downside as the technical indicator Relative Strength Index (14) remains below the 40 level.

Bitcoin Alternatives

Bitcoin price may continue to face a setback that could send the king coin reversing and is likely to trend further down within a few days. However, a price rally can help turn the coin south if the red line of the 9-day moving average crosses below the green line of the 21-day moving average. However, if there is one fact about social media, it is that people love to share their opinions about it. Sure, sometimes those views are attacked and ridiculed, which is never a good thing, but people still share their thoughts on certain topics with the world. Also, buying the Love Hate Inu token is a good buy due to the viral nature of the platform and almost $5 million has been raised in the ongoing pre-sale.

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