Bitcoin Price Prediction: BTC/USD Retreats Below $50,000
Bitcoin Price Prediction – December 13
The Bitcoin price prediction continues to follow the bearish movement as the price drops below $50,218
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $54,000, $56,000, $58,000
Support Levels: $43,000, $41,000, $39,000
BTC/USD is experiencing another sell-off as the market price slides below the 9-day moving average. The king coin is seen falling and heading towards the support level of $46,600. However, a reversal may play out, which may send the king coin above the opening price of $50,089 level.
Bitcoin Price Prediction: Bitcoin (BTC) May Hit $45k Support
At the time of writing, the Bitcoin price movement is bearish as the technical indicator Relative Strength Index (14) is currently moving into the oversold region. This could mean that there is still room that may be explored by the bears. Therefore, BTC/USD may continue to follow the downtrend if the market price crosses below the lower boundary of the channel.
On the upside, recovery may not come now but any attempt to rebound towards the upper boundary of the channel, the king coin may negate the bearish scenario and allow for an extended recovery towards the resistance levels of $54,000, $56,000, and $58,000. However, an increase in selling pressure may force the Bitcoin price to follow a painful path towards the support levels of $43,000, $41,000, and $39,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, the Bitcoin price slide below the 9-day and 21-day moving averages. The chart reveals that the coin may not survive the $45,000 support as the market prepares for more downtrend if crosses below the lower boundary of the channel. However, the Bitcoin price is likely to return to the bull market if the 9-day MA remains above the 21-day MA which could hit the higher resistance at $49,000 and above.
Moreover, if the price drops below the channel, the support level of $45,000 may not be able to hold the selling pressure as the technical indicator Relative Strength Index (14) nosedives below 35-level. Therefore, the king coin is likely to touch the critical support at $44,000 and below if the price breaks below the lower boundary of the channel.
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