Bitcoin Price Prediction: BTC/USD Remains Bearish Below $47,500 ByAzeez MustaphaPRO INVESTOR Updated: 29 December 2021 Bitcoin Price Prediction – December 29 The Bitcoin price prediction shows that BTC keeps extending the bearish movement below $47,000 after numerous trials to sustain gains. BTC/USD Long-term Trend: Bearish (Daily Chart) Key levels: Resistance Levels: $52,000, $54,000, $56,000 Support Levels: $43,000, $41,000, $39,000 BTCUSD – Daily Chart Buy Bitcoin Now BTC/USD falls toward $46,000 today as the largest cryptocurrency embarked on a support smashing exercise touching the daily low of $46,596 following a serious breakdown in the last few days. However, the bearish control is seen across the crypto market with other digital assets posting similar losses. Bitcoin Price Prediction: Bitcoin (BTC) Ready to Add More Pains The Bitcoin price is hovering at $47,159 with an intraday loss of 0.81% as the prevailing trend is bearish. The first digital asset is likely to consolidate in a bearish flag pattern while a breakdown towards the lower boundary of the channel may continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $43,000, $41,000, and $39,000. However, should Bitcoin price returns above the 9-day and 21-day moving averages; the price could rise to cross the upper boundary of the channel. Therefore, any further bullish movement could lead the Bitcoin price to the resistance levels of $52,000, $54,000, and $56,000. On the other hand, the technical indicator Relative Strength Index (14) is revealing a continuous bearish as the signal line moves to cross below 40-level. BTC/USD Medium – Term Trend: Ranging (4H Chart) At the opening of the market today, the Bitcoin price remains below the 9-day and 21-day moving averages, bringing its price to trade around $47,134 level. In the meantime, if the price continues to drop, crossing below the lower boundary of the channel could reach the support level at $45,500 and below. BTCUSD – 4 Hour Chart Moreover, if the bulls push the coin above the 9-day moving averages, the Bitcoin price could revisit the resistance level of $49,000 and above. At the moment, the market may continue to experience more downtrends as the technical indicator Relative Strength Index (14) moves into the oversold region. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy Bitcoin How to buy Cryptocurrency
