Bitcoin Price Prediction for Today, May 11: BTC/USD Retraces Below $27,000

The Bitcoin price prediction indicates bearish momentum as the coin fails to cross above the 9-day and 21-day moving averages.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $29,986
Bitcoin market cap – $521.7 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $32,000, $34,000, $36,000

Support Levels: $22,000, $20,000, $18,000

BTC/USD keeps hovering around $26,986 as the king coin has not been able to reclaim the resistance level of $28,000 consolidating below the 9-day and 21-day moving averages. At the moment the Bitcoin price may continue to follow the sideways movement, but the daily chart shows that the formation of a bearish movement is likely to play out.

Bitcoin Price Prediction: BTC Price May Consolidates to the Downside

As the Bitcoin price remains below the 9-day and 21-day moving averages, BTC/USD may slide toward the lower boundary of the channel while the technical indicator Relative Strength Index (14) crosses below 40-level, which confirms the bearish movement. This could mean that the King coin is not yet ready for the upside until the red line of the 9-day moving average crosses above the green line of the 21-day moving average.

Nevertheless, recovery may not come easy as bears may bring the king coin toward the lower boundary of the channel. Meanwhile, if the bulls return to the market, a sustainable move above the 9-day and 21-day moving averages may locate the resistance level of $28,000, which may allow for an extended recovery toward the potential resistance levels at $32,000, $34,000, and $36,000. However, an increase in selling pressure may bring the Bitcoin price toward the supports at $22,000, $20,000, and $18,000.

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

Looking at the 4-hour chart, the Bitcoin price is trading below the 9-day and 21-day moving averages. BTC/USD may head to the upside as the market moves to recover from the bearish momentum. However, if the price breaks above the moving averages, higher resistance could be located at $28,500 and above. On the contrary, the technical indicator Relative Strength Index (14) is still below the 35-level.

Moreover, if the bearish movement steps back, the support level of $26,000 may not be able to hold the selling pressure. Therefore, BTC/USD could fall to $25,500 and below if the price faces the downside.

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