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Bitcoin Price Prediction: BTC/USD Ready for Further Downside at $35,000

Bitcoin Price Prediction – June 18

For the past few weeks, the Bitcoin price is now facing some immense selling pressure as the coin touches the daily low of $35,153 level.

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

Key levels:

Resistance Levels: $45,000, $47,000, $49,000

Support Levels: $28,000, $26,000, $24,000

BTCUSD – Daily Chart

BTC/USD is seen sliding below the 9-day and 21-day moving averages, with the selling pressure found within the middle $38,000 region which is stopping it from seeing any major gains throughout the past few days. Traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day and 21-day MAs. However, until the market price remains above this barrier, BTC/USD could face another downward movement.

Bitcoin Price Prediction: Would BTC Price Slump Again?

At the time of writing, the Bitcoin price is trading down just under 4.31% at its current price of $36.453. This marks a serious down from its daily opening at $38,103 set above the 9-day MA. However, the coming few days may likely shine a light on the Bitcoin price movement, as it is currently trading at a pivotal point. Therefore, any decline or rise from this level could determine its trend throughout the beginning of another trading week.

BTC/USD is currently hovering within the 9-day and 21-day moving averages, with bears moving towards the negative side of the market. Furthermore, any bullish movement above the 9-day and 21-day MAs may take the price to the resistance levels of $45,000, $47,000, and $49,000 while the supports are located at $30,000, $28,000, and $26,000 as the technical indicator Relative Strength index (14) moves to cross below 45-level.

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

Looking at the 4-hour chart, the resistance at the $40,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency focus on the downtrend. However, should in case the Bitcoin price decides to move upward, it may likely hit the resistance levels at $37,500 and above.

BTCUSD – 4 Hour Chart

Furthermore, the king coin is still roaming around $35,544 as bears are still keeping the price below the 9-day and 21-day moving averages. Meanwhile, the $33,500 and below may come into play if the technical indicator Relative Strength Index (14) remains within the oversold zone.

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