BTC/USD May consolidates around the $23,000 level

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Bitcoin price prediction shows BTC indicating bearish momentum as further upside is rejected within the channel.

Bitcoin Prediction Statistical Data:

Bitcoin price now: $23,027
Bitcoin Market Cap: $443.7 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, $29,000, $31,000

Support levels: $20,000, $18,000, $16,000

At the time of writing, BTC/USD is hovering around $23,027. A few hours ago, the Bitcoin price exchange found itself below $23,196 to support the bearish price action. However, the current market movement is still sideways, and the daily chart shows that the formation of a downtrend is likely to come into play.

Bitcoin Price Prediction: BTC May Go Lower

Looking at the technical indicator, the Relative Strength Index (14) is moving within the overbought region as Bitcoin price prepares for the bearish move. From the look of things, BTC/USD is likely to cross below the red line of the 9-day moving average. This could mean that the king coin may continue the downward move as soon as the coin crosses below the 21-day moving average.

In other words, the recovery may not be easy, but a sustainable move above the upper limit of the channel can locate potential resistance levels at $27,000, $29,000 and $31,000. Meanwhile, an increase in selling pressure in The entire market could force Bitcoin price down a painful path that could place supports at $20,000, $18,000, and $16,000 respectively.

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

Looking at the 4-hour chart, Bitcoin price is currently trading within the 9-day and 21-day moving averages, touching the low of support at $22,982. Looking at the chart, the Bitcoin price is still not sure if it could return to the bull market as the technical indicators keep oscillating. However, if the price moves north, the biggest resistance could be located at $25,000 or higher.

BTCUSD – 4 hour chart

Right now, as a technical indicator, the Relative Strength Index (14) is moving in the same direction above the 60 level, the $21,500 support level and below may come into play. Furthermore, BTC/USD is likely to fall further if the price crosses below the lower boundary of the channel.

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