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Bitcoin (BTC) Price Prediction: BTC/USD Slumps as Bitcoin Lacks Buying Power

Bitcoin (BTC) Lacks Buying Power – June 16, 2021

On June 14, Bitcoin bulls could not sustain the bullish momentum above $40,000 as Bitcoin Lacks Buying Power. Instead, BTC/USD resumed a range-bound move below the $41,000 resistance. Today, the bears have had the upper hand as Bitcoin slumped above the $38,000 support. Buyers fail to reclaim the $40,000 support.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Following its impressive run on June 14, buyers could not sustain the bullish momentum above the $41,000 resistance. Bitcoin lacks buying power at higher price levels. Consequently, the coin was repelled as price reached the low of $38,000. The king coin is consolidating above the $38,000 support as buyers and sellers decide the next move. A strong rebound above the current support will catapult Bitcoin to rally and break the $41,000 resistance. If buyers are successful the upside momentum will resume as the market rises to the $46 high. However, if the bulls fail to initiate the upward move the bears will break the $38,000 support and resume the selling pressure to the low above $34,000. BTC/USD is trading at $38,781 at the time of writing.

Bitcoin (BTC) Indicator Reading

As Bitcoin continues its downtrend, the bears may break below the 21-day SMA which will compel the crypto to fall into the bearish trend zone. In the bearish trend zone, Bitcoin is capable of falling on the downside. BTC price has fallen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The king coin is below the 20% range of the daily stochastics. It indicates that BTC’s price is in the oversold region of the market. This suggests that buyers are likely to emerge.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is consolidating above the $38,000 support for a possible retest at the $41,000 resistance. On June 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1.272 Fibonacci extension and reverse. That is the high of level $43,076.70 and reverse.

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