Over the past several hours, the Bitcoin price prediction has decreased by 0.42% as the cryptocurrency fails at $28,218 and continues to fall.
Data about bitcoin prediction statistics
- Current Bitcoin price: $28,036
- Market value of bitcoin: $540 billion
- 19.3 million bitcoins are currently in circulation.
- Total supply of bitcoins is 19.3 million.
- #1 on Coinmarketcap for bitcoin
BTC/USD Bullish Long-Term Trend (Daily Chart)
Major levels:
Levels of Resistance: $32,000, $34,000, $36,000
Levels of Support: $24,000, $22,000, $20,000
After reaching significant barrier over $28,218, BTC/USD loses its impetus. The king currency is currently trading at $28,036 and is inside the 9-day and 21-day moving averages, down 0.42% on the day. The price of bitcoin may struggle to remain over $28,000 in the meanwhile, but if it does, it should be able to surge much above $29,000 if things take a turn for the better.
Prediction for the price of bitcoin: Can it trade over $29k?
The price of bitcoin is probably going to decline under the 9-day and 21-day moving averages after making a minor upward rise above $28,200. The king coin has been fighting the last several days to hold above the moving averages. The price of Bitcoin tried to move higher during today’s session near the channel’s upper border, but sellers entered the market and sent the king coin lower to its daily low of $27,888.
The $27,000 level may also act as the closest support level if the coin drops much lower, which may potentially free up space for the coin to drop further lower to hit the supports at $24,000, $22,000, and $20,000 levels. The Relative Strength Index (14) oscillates around the 60-level; breaking below this level might result in a steady decline in the value of the king currency. In contrast, if BTC/USD manages to go over the channel’s top limit, it may encounter resistance around levels of $24,000, $22,000, and 20,000.
Medium-term Trend: Ranging for BTC/USD (4 Hour Chart)
It could take some time for the BTC price to rise above the 9-day and 21-day moving averages on the 4-Hour chart, which is now hovering around $28,064. However, if the bulls gain enough momentum, the upward trend might be close to the $29,000 and higher resistance levels.
On the negative side, essential support is at $27,000 and lower, and immediate support may be found around the $27,500 mark. If the bears continue to exert pressure on the market, the price of Bitcoin may thus drop below the bottom limit of the channel. In addition, the Relative Strength Index (14) is expected to pass above the 50-level, signaling a positive advance.
Alternatives to Bitcoin
With the king coin potentially starting to rise above the 9-day and 21-day moving averages, the price of Bitcoin is expected to advance in a positive direction. A further increase in the bears’ pressure might push the price below the moving averages if the resistance level of $28,218 fails to hold. In the meanwhile, the price may reverse and encounter the support level of $27,000. But Love Hate Inu stands apart from other meme currencies because to its flexible accurate survey and poll findings enabled by the Ethereum blockchain, providing it a real-life usefulness helpful to the worldwide business as approximately $3.5 has been raised in the ongoing presale.
