Bitcoin Price Prediction: BTC/USD Creates Another Low Under $50,000

Bitcoin Price Prediction – December 28

The Bitcoin price prediction continues to consolidate underneath a $50,000 barrier and may be doing this for another bullish movement.

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

Key levels:

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $45,000, $43,000, $41,000

BTC/USD could not break above the resistance level of $52,000 as the price heads to the downside. During this period, the Bitcoin price is now facing down with 3.21% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator Relative Strength Index (14) may move below 40-level, shifting focus from the upside.

Bitcoin Price Prediction: What Could be the Next Direction for BTC?

Looking at the daily chart, the nearest support at $49,000 may be tested to the downside as the Bitcoin price consolidates. Failure of the noted support could see the Bitcoin price sliding below the 9-day and 21-day moving averages. Moreover, this area is likely to slow down the correction and could serve as a jumping-off ground for another recovery attempt; therefore, if it is out of the way, the support levels of $45,000, $43,000, and $41,000 may come into play.

In the meantime, the Bitcoin price recovers from the low of $48,345 but the resistance at $50,000 still stands in the way of movements to $52,000. Meanwhile, BTC/USD is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery back to the resistance level of $52,000 in other to resume its upward movement towards $54,000, $56,000, and $58,000 resistance levels.

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

Checking the 4-Hour chart, BTC/USD is currently trading below the 9-day and 21-day moving averages. The Bitcoin price is hovering around $49,188 and may take time to persistently trade above the moving averages. However, the upward movement may likely touch the resistance level of $51,000 and above if the bulls push higher.

Meanwhile, on the downside, the price could fall below the lower boundary of the channel if the bears resume back fully into the market; a further bearish movement could hit the critical support at $47,000 level and below. Moreover, the Relative Strength Index (14) is moving around 40-level, indicating sideways movement for the market.

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