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The Bitcoin price prediction shows that BTC remains at a risk of more downsides below the $16,000 support before the end of the year.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $16,595
- Bitcoin market cap – $319.4 billion
- Bitcoin circulating supply – 19.2 million
- Bitcoin total supply – 19.2 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $20,000, $18,000, $16,000
Support Levels: $14,000, $12,000, $10,000
BTC/USD loses its momentum after touching key resistance above $16,634. Since the past few days, the Bitcoin price has been struggling to clear the $17,000 resistance and with the look of things, the king coin may end the year further lower. Meanwhile, Bitcoin may struggle to stay above $16,500, and if it does, it should be free to rise well above $17,000 if it moves in the next positive direction.
Bitcoin Price Prediction: Can Bitcoin Price Trade Above $17,000?
After a slightly positive move toward the resistance level of $17,000, the Bitcoin price is sliding below the 9-day and 21-day moving averages. In today’s session, the Bitcoin price attempted to push higher toward the upper boundary of the channel, but the sellers stepped into the market to bring the king coin lower to touch the daily low of $16,517.
Moreover, if the coin moves much lower, the $16,000 may serve as the nearest support level, which could make room for the coin to fall further to hit the supports at $14,000, $12,000, and $10,000. The Relative Strength Index (14) remains above the 40-level, crossing below this level may cause the king coin to have a serious downward movement. On the contrary, BTC/USD may likely see resistance levels of $20,000, $22,000, and 24,000 if it finds its way toward the upper boundary of the channel.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-Hour chart, the BTC price hovers around $16,571 and could take time to cross above the 9-day and 21-day moving averages. However, if the bulls gather enough strength, the upward movement may come near the resistance level of $17,000 and above.
On the downside, immediate support could be located around the $16,500 level while critical support is at $16,300 and below. Therefore, the Bitcoin price may likely fall towards the lower boundary of the channel if the bears put more pressure on the market, Moreover, the Relative Strength Index (14) keeps moving above the 40-level, suggesting sideways movement.
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