BTC/USD Price Could Slide to $16,000 Support

On Nov 24, 2022

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The Bitcoin price prediction is likely to spread the bearish move below $16,000 after numerous attempts to hold gains above $17,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,588
Bitcoin market cap – $318.5 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: $20,000, $22,000, $24,500

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

BTC/USD is trading around $16,566, but the largest cryptocurrency could face a support smashing exercise after failing to hold above $17,000. However, the bearish movement has been seen across the crypto market in the last few hours, with other major digital assets seeing similar losses trading around the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Can BTC Price Go Lower?

The Bitcoin price is trading at $16,566 with an intraday loss of 0.12% as the prevailing trend is likely to follow the bearish movement. However, Bitcoin (BTC) is currently facing a downside within the channel, and a bearish movement toward the lower boundary of the channel is expected to continue. In the meantime, BTC/USD is expected to fall and stay below the 9-day and 21-day moving averages which could hit the critical support levels at $14,000, $12,000, and $10,000.

However, if the Bitcoin price crosses above the moving averages; the price could rise to $17,000 vital resistance while a further bullish drive could take the coin to the resistance levels of $20,000, $22,000, and $24,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is moving below the 40-level, which shows a possible bearish momentum within the channel.

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

As the market opens today, the Bitcoin price touches the daily low of $16,505, but now hovering around $16,588.12. Should the price drop below the 9-day and 21-day moving averages; it could hit the next level of support at $15,500 and below.

BTCUSD – 4-Hour Chart

However, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price could hit the potential resistance level of $18,000 and above. For now, the market may experience an uptrend if the technical indicator Relative Strength Index (14) crosses above the 50-level.

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