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Bitcoin Price Prediction Today: BTCUSD falls below $16,500 support

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After breaking above $16,500, Bitcoin price prediction shows that BTC will drop slightly after being rejected at $16,638.
Bitcoin Forecast Statistics:
Current Bitcoin Price – $19,335
Bitcoin Market Cap – $370.6 billion
Bitcoin Circulating Supply – 19.1 Million
Total Bitcoin Supply – 19.1 Million
Bitcoin Coinmarketcap Ranking – 1st
BTC/USD long-term trend: range-bound (daily chart)
Key Levels:
Resistance Levels: $20,000, $22,000, $24,000
Support Levels: $14,000, $12,000, $10,000
BTC/USD is now showing a slight negative sign after hitting the $42,237 resistance level today. Bitcoin price has failed to make any progress towards the upper boundary of the upward channel. Therefore,
Bitcoin Price
It fell sharply in 24-hour trading, falling by 1.68% to hit an intraday low of $40,505.
Bitcoin Price Prediction: Bitcoin price could fall further
The daily chart shows that
Bitcoin Price
It continues to show some signs of weakness over the past few days. As a result, every attempt to break through the resistance provided during the European trading session and move towards the upper boundary of the channel has failed. However, the market price remains weak as the signal line of the Relative Strength Index (14) is crossing the 40 level downwards.
Meanwhile, Bitcoin price needs to break above the $17,000 resistance for the market to turn bullish. However, if the sellers push the market price below the $16,000 support, the next support level could be located at $15,000. Hence, below this, additional support might also be found at $14,000, $12,000, and $10,000 respectively. Furthermore, if the bulls regroup and push higher, Bitcoin price could reach potential resistance levels of $20,000, $22,000, and $24,000.
BTC/USD medium-term trend: Bearish (4-hour chart)
As can be seen from the 4-hour chart, BTC/USD is trending in a downward channel pattern. During today’s European trading session, Bitcoin (BTC) hit the $16,522.95 resistance level before retreating to the current $16,505. Meanwhile, further bearish movement could target support levels at $16,000 and below.


BTCUSD – 4-hour chart
However, the technical indicator Relative Strength Index (14) is recovering from the oversold zone and is currently moving towards the 40 level. However, the Bitcoin price is rising towards the 9-day and 21-day moving averages; further bullish moves could push the price towards the potential resistance level of $17,000 and above.
Read more:
Bitcoin Cash Price Prediction: BCH/USD fails to rise; price drops below $290
Litecoin Price Prediction – LTC/USD reaches $53; traders seem to have had a bad day
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