BTC Falls 5.24% to 18,718 Support

The Bitcoin price prediction sees a 5.24% decline over the past few hours as the cryptocurrency fails at $20,750 and heads lower.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $19,375
• Bitcoin market cap – $366.6 billion
• Bitcoin circulating supply – 19.0 million
• Bitcoin total supply – 19.0 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $27,000, $29,000, $31,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD loses its momentum after touching key resistance above $20,750. As of writing, the king coin is down 5.24% on the day at $19,375 facing the 9-day and 21-day moving averages. Meanwhile, Bitcoin may struggle to close above $20,000, and if it does, it should be free to rise well above $22,000 if it moves in the next positive direction.

Bitcoin Price Prediction: Can Bitcoin Price Trade Above $20,000?

After a slightly positive move above $20,500, the Bitcoin price is sliding below the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to remain within the channel. In today’s session, the Bitcoin price attempted to push higher towards the 9-day moving average, but the sellers stepped into the market to bring the king coin lower to touch the daily low of $18,718.

Moreover, if the coin moves lower, the $18,000 may serve as the nearest support level, which may likely make room for the coin to fall further to hit the supports at $14,000, $12,000, and $10,000. The Relative Strength Index (14) remains within the oversold region, which has a continuous downward movement. On the contrary, BTC/USD may likely see the resistance levels of $27,000, $29,000, and $31,000 if it finds its way above the upper boundary of the channel.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

On the 4-Hour chart, the BTC price hovers around $19,076 and could take time to cross above the 9-day and 21-day moving averages. However, if the bulls gather enough strength, the upward movement may be near the resistance level of $24,000 and above.

On the downside, immediate support could be located around the $18,000 level while the critical support is at the $15,000 and below. Therefore, the Bitcoin price may likely fall towards the lower boundary of the channel if the bears put more pressure on the market, More so, the Relative Strength Index (14) keeps moving within the oversold region, suggesting a bearish movement.

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