Bearish Continuation Below $16,500 Seems Likely for BTC/USD

The Bitcoin price prediction reveals that BTC is consolidating below the $16,800 resistance zone and could extend its decline if there is no recovery wave above the $17k barrier.

Bitcoin Price Prediction Statistics Data:

Bitcoin price now – $16,791
Bitcoin market cap – $322.7 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $21,000, $23,000, $25,000

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

BTC/USD may need to reclaim the ground above the resistance level of $17,000 as soon as possible, the reason being that more action is expected above this level and the longer Bitcoin (BTC) stays under the 9-day and 21-day moving averages, the stronger the bears get. Therefore, the support at $16,000 may not be enough to hold the intense pressure. In this case, BTC could refresh lows towards $15,000 support.

Bitcoin Price Prediction: Bitcoin (BTC) Could Extend Its Decline

The daily chart shows that the Bitcoin price is not yet ready for the upside as the coin prepares for more downtrends. In the meantime, consolidation is likely to take precedence with support at $16,500, holding well. The technical indicator Relative Strength Index (14) also emphasizes the possible downtrend action as the signal line moves below the 50-level. The same situation may reflect in the moving averages if the green line of the 21-day MA crosses above the red line of the 9-day MA.

However, the next few days could be extremely crucial for Bitcoin’s price, therefore, if the Bitcoin price fails to break above the 9-day and 21-day moving averages, the market price may move below the $16,500 level or it may just sit between the $16,000 – $17,000 price ranges. However, the resistance levels could be located at $21,000, $23,000, and $25,000 while the support levels could be found at $14,000, $12,000, and $10,000 respectively

BTC/USD Medium-term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, BTC/USD is likely to face the downside and the coin may begin to depreciate if the $16,000 support is broken. The 9-day MA is seen moving around the 21-day MA, with this, BTC/USD may slide to hit the critical support level of $16,000 and below.

Meanwhile, if the bulls push the current price value above the 9-day and 21-day moving averages, further bullish movement may take the Bitcoin price toward the potential resistance level of $18,000 and above. In other words, the technical indicator also shows that the Relative Strength Index (14) is currently moving to cross below the 40-level, suggesting a bearish movement.

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