Bitcoin Price Prediction: BTC/USD Retreats Below $33,000

Bitcoin Price Prediction – June 21

The Bitcoin price continues to follow the bearish movement as the coin touches the low of $31,700

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

Key levels:

Resistance Levels: $40,000, $42,000, $44,000

Support Levels: $27,000, $25,000, $23,000

BTCUSD – Daily Chart

BTC/USD is experiencing another unexpected selloff as the market price slides below the 9-day and 21-days moving averages. The first digital asset drop sharply to touch the support of $31,700. However, a reversal may quickly play out if possible, which may send the king coin above the opening price of $35,585 level.

Bitcoin Price Prediction: More Downtrends May Play Out

The technical indicator Relative Strength Index (14) reveals that the Bitcoin price movement is bearish as the signal line heads to the oversold region. Despite the fact that the red-line of the 9-day MA is above the green-line of the 21-day MA, the technical indicator confirms the downward movement. Moreover, this could mean that there may still be a room that could be explored by bears. Therefore, BTC/USD may continue to follow the downtrend if the bears keep the market price below the 9-day and 21-day moving averages.

Looking at the upside, recovery may not come easy as the market focus on the downtrend but any attempt to cross above the upper boundary of the channel may negate the bearish movement and gives room for an extended recovery towards the resistance levels of $40,000, $42,000, and $44,000. On the other hand, an increase in selling pressure across the market could force the Bitcoin price to follow a painful path towards the support levels of $27,000, $25,000, and $23,000.

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

On the 4-hour chart, the Bitcoin price keeps hovering below the 9-day and 21-day moving averages. The chart reveals that the coin couldn’t survive the $32,500 support as the market prepares for more downtrend by crossing below the lower boundary of the channel. However, the Bitcoin price is likely to return to the bull market if the 9-day MA crosses above the 21-day MA. Higher resistance is located at $30,000 and above.

BTCUSD – 4 Hour Chart

Moreover, if the price drops below the channel, even $31,000 may not be able to hold the support as the Relative Strength Index (14) moves around 30-level. Therefore, the king coin is likely to visit the $30,000 and below if the price breaks below the lower boundary of the channel.

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Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.