Bitcoin Price Prediction for Today, July 11: BTC Retraces Below $21,000 ByAzeez MustaphaPRO INVESTOR Updated: 11 July 2022 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. The Bitcoin price prediction indicates that BTC is following a bearish momentum as the coin falls below the 9-day and 21-day moving averages. Bitcoin Prediction Statistics Data: Bitcoin price now – $20,368 Bitcoin market cap – $389.2 billion Bitcoin circulating supply – 19.0 million Bitcoin total supply – 19.0 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Bearish (Daily Chart) Key levels: Resistance Levels: $28,000, $30,000, $32,000 Support Levels: $15,000, $13,000, $11,000 Buy Bitcoin Now BTC/USD is at the moment trading at $20,368, but the king coin has not been able to reclaim the resistance level of $22,000 as the coin consolidates below the 9-day and 21-day moving averages. At the moment, the Bitcoin price may continue to follow the sideways movement, but the daily chart shows that the formation of a bearish movement is likely to play out. Bitcoin Price Prediction: BTC Price May Consolidates to the Downside As the Bitcoin price remains below the 9-day and 21-day moving averages, BTC/USD is likely to cross below the lower boundary of the channel as the technical indicator Relative Strength Index (14) moves in the same direction below the 50-level. This could mean that the King coin is not yet ready for the upside until the red line of the 9-day moving average crosses above the green line of the 21-day moving average. From above, recovery may not come easy as the bears may bring the king coin towards the channel’s lower boundary. Meanwhile, a sustainable move above the 9-day and 21-day moving averages may locate the resistance level of $25,000, allowing for an extended recovery towards the potential resistance levels at $28,000, $30,000, and $32,000. However, an increase in selling pressure may bring the Bitcoin price towards the supports at $15,000, $13,000, and $11,000. BTC/USD Medium-Term Trend: Ranging (4H Chart) Looking at the 4-hour chart, the Bitcoin price is trading below the 9-day and 21-day moving averages. BTC/USD may cross above 9-day MA as the market is trying to recover from the bearish momentum. However, if the price breaks above the 9-day moving average and heads toward the upper boundary of the channel, higher resistance could be located at $21,000. Still, on the contrary, the technical indicator Relative Strength Index (14) is seen facing the south. BTCUSD – 4-Hour Chart Moreover, if the bearish movement steps back, the support level of $20,000 may not be able to hold the selling pressure. Therefore, BTC/USD is likely to fall to $19,000 and below if the price moves towards the lower boundary of the channel. eToro - Our Recommended Bitcoin Platform Our Rating Regulated by the FCA, ASIC and CySEC Buy Bitcoin with Bank transfer, Credit card, Neteller, Paypal, Skrill Free Demo Account, Social Trading Community - 20 Million Users Free Bitcoin Wallet - Unlosable Private Key Copytrade Winning Bitcoin Traders - 83.7% Average Yearly Profit Buy Bitcoin 68% of retail investor accounts lose money when trading CFDs with this provider. Read more: How to buy Bitcoin How to buy Cryptocurrency