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Bitcoin Price Prediction for Today April 12: BTC/USD Retraces Below $40,000

Bitcoin Price Prediction
Bitcoin Price Prediction

The Bitcoin price prediction continues with its price slumps close to the lower boundary of the channel as the coin heads to the south.

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

Key levels:

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

Support Levels: $35,000, $33,000, $31,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

At the time of writing, BTC/USD is hovering at $39,492. There have been instances when BTC has exchanged hands below $39,500 sustaining the bearish price action is a downhill task. With the look of things, the path of least resistance is still downwards. Meanwhile, looking at the daily chart shows the formation of a bearish pennant pattern.

Bitcoin Price Prediction: BTC Fails at Critical Resistance, $35,000 Support Incoming?

Looking at the technical indicator Relative Strength Index (14) is nose-diving towards the south; whereas, the Bitcoin price is not yet done with the downside. With the drop suffered, the technical indicators are all facing the downside. This could mean that there may still be a room that could be explored by the bears. Meanwhile, the Bitcoin price may continue to follow the downtrend in as much as the king coin remains below the 9-day and 21-day moving averages.

On the upside, recovery may not come easy. the support will have to be sorted for above the 9-day and 21-day moving averages. Meanwhile, a sustainable move above this barrier could be located around $43,500, which may negate the bearish scenario and allow for an extended recovery towards the resistance levels at $45,000, $47,000, and $49,000. However, an increase in selling pressure across the market could force the Bitcoin price towards a painful path and through various tentative supports at $35,000, $33,000, and $31,000.

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

According to the 4-hour chart, the Bitcoin price keeps trading below the 9-day and 21-day moving averages. BTC/USD has just survived the $39,000 support as the market resumes upside momentum. However, the first digital asset is likely to return to the bull market if the price breaks above the $40,000 level. Meanwhile, higher resistance is located at the $41,500, and as the technical indicator Relative Strength Index (14) prepares to leave the oversold region.

BTCUSD – 4 Hour Chart

On the other hand, if the bearish movement continues, the support level of $38,000 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $37,000 and below if the price falls below the lower boundary of the channel.

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