BTC May Return Below $30,000

BTCUSD 1D 17052022

Bitcoin price forecast indicates bearish momentum as further upward effects were rejected during the European session.

Data on Bitcoin prediction statistics:

Bitcoin price now – $30,149 Bitcoin market cap – $573.5 billion Bitcoin circulating supply – 19.0 million Bitcoin total supply – 19.0 million Bitcoin Coinmarketcap ranking – #1

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

Key Levels:

Resistance Levels: $37,000, $39,000, $41,000

Support Levels: $24,000, $22,000, $20,000

BTCUSD – Daily Chart

At the time of writing, BTC/USD is hovering at $30,149, and there have been instances where BTC has traded hands below $30,000, making the bearish price action a downhill task. At the time of writing, the path of least resistance is still downward and the daily chart is showing that the formation of a bearish may play a role.

Bitcoin Price Prediction: BTC Won’t Stay Above $30,000

According to the daily chart, Bitcoin price is not yet ready for the upward point as the Relative Strength Index (14) is still hovering below the 40 level. This could mean that there is still some space for the bears to explore as Bitcoin price could continue to follow the downward trend as long as the king coin stays below the 9 and 21 day moving averages.

On the upside, recovery may not be easy as support has to sort above the 9-day moving average. Meanwhile, a sustainable move above this barrier could be at $33,000, allowing for an extended recovery to the $37,000, $35,000 and $33,000 resistance levels. However, an increase in selling pressure in the market could force Bitcoin price down a painful path and through several preliminary supports at $24,000, $22,000 and $20,000.

BTC/USD medium term trend: ranging (4H chart)

On the 4-hour chart, Bitcoin price is now trading within the 9 and 21 day moving averages. BTC/USD has just survived the below $30,000 mark as the market tries to recover from bearish momentum. However, BTC/USD is likely to return to the bull market if the price moves above the upper limit of the channel. Meanwhile, a higher resistance could be at $33,500 and above, while the Relative Strength Index (14) technical indicator moves above the 50 level.

BTCUSD – 4 Hour Chart

On the other hand, if the bearish move pulls back, the $28,000 support level may not be able to hold the selling pressure. In fact, BTC/USD is likely to drop to $26,000 and below as the price falls, facing the lower bound of the channel.

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