BTC/USD Could Face a Fresh Decline Below $17k

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The Bitcoin price prediction shows that BTC could start another decline unless there is a strong move above the $17,000 resistance level.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,861
Bitcoin market cap – $324.4 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $21,000, $23,000, $25,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD loses its momentum after trading near the resistance level of $17,000. As of writing, the king coin is down 0.22% on the day at $16,861 below the 9-day and 21-day moving averages. Meanwhile, the Bitcoin price may struggle to close above $17,000, and if it does, it should be free to rise well above $18,000 if it moves in the next positive direction.

Bitcoin Price Prediction: Bitcoin (BTC) Could Range-bound

After a slightly positive move above $17,000, the Bitcoin price is sliding below the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to break above the 9-day and 21-day moving averages. However, in today’s session, the coin attempted to push higher, but the sellers step in and begin to bring the coin lower to touch the daily low of $16,725.

Moreover, if the coin moves lower, the $16,500 may serve as the nearest support level, which may likely make room for the coin to fall further to hit the support levels at $14,000, $12,000, and $10,000. The Relative Strength Index (14) remains below the 50-level indicating a sideways movement. On the contrary, BTC/USD could hit the resistance levels of $21,000, $23,000, and $25,000 if it finds its way above the upper boundary of the channel.

BTC/USD Medium-term Trend: Ranging (4H Chart)

On the 4-hour chart, the BTC price hovers around $16,850 and could take time to head toward the upper boundary of the channel. However, if the bulls gather enough strength, the upward movement may be able to near the resistance level of $18,000 and above.

On the downside, immediate support could be located around the $16,500 level, while critical support is at $16,000 and below. Therefore, the Bitcoin price may likely fall towards the lower boundary of the channel if the bears put more pressure on the market. The Relative Strength Index (14) is moving to cross below the 50-level, suggesting a bearish movement.

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