Bitcoin Price Prediction: BTC Price Poised For Another 8% Drop, Time To Sell? [Live Chart]
- Bitcoin (BTC) price barely holds above $38,000 short-term support as losses linger toward $35,000.
- The MACD on the four-hour chart has a vivid bearish signal, implying that the slightest resistance path is downward.
- Only a break above $40,000 will ensure market stability as bulls look toward the ultimate liftoff past $50,000.
Bitcoin price has lost several key support areas in the past few days. The upswing to $42,500 had renewed investors’ hopes that time had finally come for Bitcoin to regain its glory, moving above $50,000 and toward $65,000.
However, a correction came into the picture, with Bitcoin sliding under $40,000. The down leg was later stretched under the 50 Simple Moving Average (SMA) on the four-hour chart. At the time of writing, bulls seem to be struggling to keep the price above $38,000. However, a four-hour close below this crucial level will likely trigger massive sell orders as losses progress toward $35,000.
Is Another Leg Down Inevitable?
The downtrend looks robust from a short-term technical perspective, mainly when the Moving Average Convergence Divergence (MACD) indicator is observed. This technical indicator follows the trend of an asset and calculates its momentum.
With the 12-day EMA crossing under the 26-day EMA, the odds for a downward price action increased.
Meanwhile, The MACD has just crossed beneath the mean line, inferring that bears are completely in control. If the technical picture remains unchanged, Bitcoin will carry on with the correction to $35,000.
Bitcoin Price Analysis: BTCUSD 4-hr Live chart
The Relative Strength Index (RSI) is still neutral despite the retreat from $42,500. In other words, Bitcoin is not oversold yet, and sellers still have room to explore. Currently, the RSI holds at 35 while gradually sliding to the oversold area.
Perhaps, confirmed support at $38,000 would nullify the calls to $35,000. With Stability at this level, we expected buyers to start coming in masses while skepticism over the sustenance of the uptrend reduces. A break above $40,000 will affirm the bulls’ grip on Bitcoin as eyes gaze at lifting to $50,000.
Bitcoin Price Intraday Levels
- Spot rate: $37,985
- Trend: Bearish
- Volatility: Expanding
- Support: $35,000
- Resistance: $40,000 and $42,500
- ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing
- Whale Dumps Massive $55 Million in XRP to Ripple as Coin Falls Below $3?
- Aster Token Crashes 10% On DEX Integrity Issues Ahead of Airdrop, What’s Happening?
- Spot Bitcoin ETFs Record 2nd Best Weekly Inflows Ever, Bloomberg Analysts Bullish
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
