BTC/USD Price Struggles with $50,000 Level

Bitcoin Price Prediction – December 16

The Bitcoin price prediction may continue to spread the bearish move below $47,000 after numerous attempts to hold gains above $49,000.

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

Key levels:

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $43,000, $41,000, $39,000

BTC/USD falls below $49,459 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $49,000 following a significant breakout in the last few days. Meanwhile, the bearish movement is seen across the market today, with other major cryptos experiencing similar losses trading below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Can BTC Price Go Lower?

The Bitcoin price is trading at $47,942 with an intraday loss of 1.93% as the prevailing trend is likely to follow the bearish movement. At the moment, Bitcoin (BTC) is consolidating within the channel and a breakout of this pattern in the direction of the previous trend is expected to continue. In the meantime, BTC/USD is expected to fall towards the lower boundary of the channel which may likely hit the critical support levels at $43,000, $41,000, and $39,000.

However, if the Bitcoin price stays above the moving averages; the price could rise to $50,000 vital resistance while a further bullish drive could take the coin to the resistance levels of $54,000, $56,000, and $58,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is currently moving below 40-level, which shows a possible bearish momentum may play out.

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

As the market opens today, the Bitcoin price touches the daily low of $47,931, but now hovering around $48,269. Should the price drop below the 9-day and 21-day moving averages; it could hit the next level of support at $47,000 and below.

BTCUSD – 4 Hour Chart

However, should the bulls push the coin above the upper boundary of the channel, the Bitcoin price could hit the potential resistance level of $49,000 and above. For now, the market may continue to experience a downtrend as the technical indicator Relative Strength Index (14) stays below 50-level.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more: