BTC/USD Faces Fresh Support Below $17,500

The Bitcoin price prediction shows BTC sliding towards the downside as the cryptocurrency touches the $17,376 low.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $17,410
Bitcoin market cap – $335 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: $22,000, $24,000, $26,000

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

BTC/USD is dropping with another loss of 2.09% today as the cryptocurrency falls beneath the opening price of $17,805 level to reach the daily low of $17,433. However, the daily chart reveals that $17,500 is a very important area as it is expected to provide strong support for the coin.

Bitcoin Price Prediction: Bitcoin Price May Cross Below $17k

The Bitcoin price is likely to cross below the 9-day and 21-day moving averages at support provided by the trend line. A breakdown below the moving averages could cause the Bitcoin price to create a new low below the $17,000 level. However, the king coin is currently in a critical position with the next few days dictating the direction that it will head. A drop towards the lower boundary of the channel could be detrimental to Bitcoin as it could lead the coin towards the supports at $14,000, $12,000, and $10,000.

Moreover, if the buyers can rebound from the current support level of $17,433, the first level of resistance could be located at $18,000. Above this, further resistance is expected at $20,000. This may likely follow by the potential resistance at $22,000, $24,000, and $26,000 levels. Therefore, if the coin can break above these levels, then the market may be on the verge of turning bullish in the long term. Presently, the Relative Strength Index (14) is likely to cross below the 50-level, indicating that more bearish signals might come to play.

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

According to the 4-hour chart, the Bitcoin price is seen hovering at $17,410 as the coin crosses below the 9-day and 21-day moving averages. However, if the bulls decide to push the market price above the upper boundary of the channel, the coin may likely hit the resistance at $18,500 and above.

Nevertheless, it now appears that the cryptocurrency is at risk of seeing further downside as the multiple attempts to shatter its $17,000 support seem to indicate that bears are building momentum. As the Relative Strength Index (14) crosses below the 50-level, the king coin may locate critical support at $16,500 and below.

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