Bitcoin Price Prediction: BTC/USD Dips Below $47,000


Bitcoin Price Prediction – December 20

The Bitcoin price is struggling to recover above $45,568 against the USD but the coin remains at a risk of a larger breakdown below the $45,000 support.

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

Key levels:

Resistance Levels: $50,000, $52,000, $54,000

Support Levels: $43,000, $41,000, $39,000

BTCUSD – Daily Chart

BTC/USD is seen pulling the entire market down with it following losses under $47,000. However, the failure to hold above this level may encourage more sellers to join the market and push for revenge. At the time of writing, Bitcoin (BTC) is trading at $46,440. It is losing 0.53% of its value on the day at the moment and the prevailing trend is strongly bearish, however, with shrinking volatility and it is likely to hold onto the short term support at $45,000

Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)

The Bitcoin price is hovering at $46,440 displaying an intraday loss of 0.53%. The prevailing trend is still bearish with expanding volatility. Meanwhile, a break below the lower boundary of the channel may likely hit the critical supports at $43,000, $41,000 and $31,000.

However, should the bulls hold the price and push it above 9-day and 21-day moving averages; the price could hit $49,000 vital resistance. A further high drive could send the coin to $50,000, $52,000 and $54,000 resistance levels. More so, the technical indicator Relative Strength Index (14) is moving in the same direction, which indicates a possible sideways movement.

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

On the 4-Hour chart, BTC/USD is trading within the range of $47,000 and $46,000. Nevertheless, Bitcoin has not yet slipped below $45,000 and still in the loop of breaking or making a bounce back. BTC price hovers around $46,802 and may take time to persistently trade above $49,000. The upward movement may be able to near the resistance level of $48,000 and above if the bulls regroup.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $46,500 level while the main support is at the $46,000 level. The price may likely fall below the 9-day and 21-day moving averages if the bears step back into the market, a further movement could test the critical support at $45,500 and below. Technically, Bitcoin is likely to move sideways while the Relative Strength Index (14) moves to cross above 50-level, suggesting a bullish movement.

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