BTC/USD Resumes Consolidation, Will it Plunge Below $29K?

The Bitcoin price prediction shows that BTC is trading at $29,178 as the first digital asset seems to be preparing for a bearish movement.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $29,178
Bitcoin market cap – $566.8 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $35,000, $37,000, $39,000

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

Despite carrying the highest market capitalization in the crypto market, BTC/USD seems to be waiting for an opportunity for a breakout in either a positive or negative direction. The first digital crypto is likely to cross below the 9-day and 21-day moving averages if the sellers increase the selling pressure. On that note, the Bitcoin price is likely to extend the bearish movement toward the support level of $27,000 if it crosses below the 21-day moving average.

Bitcoin Price Prediction: Is $30k Resistance Coming for BTC?

Looking at the daily chart, it is likely that the first digital asset to touch the resistance level of $29,500 if the Bitcoin price crosses above the upper boundary of the channel. Moreover, any further bullish movement above this barrier may locate the potential resistance levels of $35,000, $37,000, and $39,000. Meanwhile, when new uptrends are gathering, traders may use the moving averages as a pivot resistance point to gauge the strength of the trend. Therefore, if BTC/USD soars above the upper boundary of the channel, it could be a sign of sustainability and could result in a bullish continuation.

On the contrary, if the BTC price fails to move up; traders may see a price cut below the moving averages, and a further low could bring the price to the support levels of $25,000, $23,000, and $21,000 respectively. For now, the Bitcoin price is likely to fall as the technical indicator Relative Strength Index (14) may cross below the 60-level.

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

According to the 4-hour chart, the Bitcoin price is moving sideways as the bears are likely to come back into the market. Meanwhile, the king coin is likely to cross above the upper boundary of the channel, if not, the support level of $27,500 and below may come into focus.

However, if the bulls push the market above the channel, traders may expect a touch of the $30,000 resistance level, breaking this level may further push the price towards the resistance level of $31,500 and above while the technical indicator Relative Strength Index (14) stays above the 50-level, suggesting a sideways movement.

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The Bitcoin price has been trading below the $29,500 resistance level for the last 48 hours as the current uptrend remains stationary. If buyers manage to keep the price above the $30,000 resistance and the bullish momentum is maintained, the current uptrend will resume. However, Love Hate Inu (LHINU) token is created for the people who want their voices heard. People who wish to share their vote ideas can easily do it through the Vote Submission platform. The presale is progressing swiftly, and the token has raised almost $9 million, so this is your chance to grab LHINU tokens at a discounted price while you can!

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