• Bitcoin price prediction shows that BTC is at risk of downwards movement before it could reach $25,000.
• The bearish trend line has been broken below the support level of $23,500 on the daily chart.
• If the Bitcoin price crosses above the 9-day and 21-day moving averages in the short term, bullish influence could spike.
Bitcoin Price Prediction Overview
The Bitcoin price prediction shows that BTC remains at risk of more downsides before it could start a fresh increase to $25,000. It has recently touched the daily low at $23,012 and is below the opening price of $23,329. There was also a break below a major bullish trend line with support near $23,500 on the daily chart of the BTC/USD pair.
The technical indicator Relative Strength Index (14) is moving below the 70-level, indicating a bearish movement for Bitcoin. Meanwhile, if the Bitcoin price crosses above the 9-day and 21-day moving averages in the short term, bullish influence could spike and bring back gains significantly.
Resistance & Support Levels
If Bitcoin hits its upper boundary of the channel then it will face resistance levels at $27,000, $28,000 and $29,000 respectively. On other hand if any downward movement occurs then it will find some support levels below its moving averages such as: $20k$,19k$ and 18k$.
In conclusion we can say that despite facing some downwards pressure in terms of prices; there are still some signs which suggest that chances for regaining back gains are still high for Bitcoin bulls if they manage to break above key resistance levels set by bears in future .