Bitcoin Price Prediction: BTC Uptrend Shatters As Declines To $30,000 Beckon

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Bitcoin Price Prediction: BTC Uptrend Shatters As Declines To $30,000 Beckon
  • Bitcoin price pulls the entire market down as support at $33,000 is tested.
  • BTC’s short-term technical indicators flash sell signal as losses gain momentum.
  • Bitcoin price seems to have abandoned the uptrend toward $40,000 due to the resistance at $35,000. Over the last two weeks, BTC’s price action within the confines of an ascending parallel pattern.

    In addition to the 200 Simple Moving Average (SMA) resistance, selling orders soared amid the bullish camp’s exhaustion. At the time of writing, support at $34,000 has been lost, giving Bitcoin leeway to explore the rabbit hole to $33,000.

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    Bitcoin price declines to $30,000 linger

    The flagship cryptocurrency path with the slightest hurdles is downward based on the broken ascending channel’s support. Moreover, Bitcoin is currently trading beneath all the applied moving averages on the four-hour chart, including the 50 SMA, the 100 SMA, and the 200 SMA. In other words, support has been reduced to the bare minimum, which could accentuate the bearish outlook toward $30,000.
    Meanwhile, the Tether (USDT) FUD is haunting Bitcoin (BTC) market again. Tether’s vast unsecured USD holdings are posing a great threat and any sudden withdrawal of USDT tokens can bring a liquidity crisis for crypto markets.
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    Bitcoin Price Analysis: BTC/USD four-hour chart

    BTC/USD price chart by Tradingview

    Support at $33,000 remains critical to the resumption of the uptrend. However, if broken, traders should prepare for the correction to continue. The Relative Strength Index (RSI) has dipped below the midline and is closing in on the oversold region, adding credence to the bullish outlook.

    Read More: U.S. Senators And Their Bitcoin or Crypto Purchases, The Game Gets Real

    The Moving Average Convergence Divergence (MACD) indicator has also presented a sell signal in the same four-hour timeframe. This indicator follows the trend of an asset and calculates its momentum. In turn, the MACD sends out bullish and negative signals.

    Following the MACD line (blue) crossing beneath the signal line, a call to sell appeared. The MACD dip will reinforce this bearish outlook under the mean line (blue) into the negative region.

    Note that bulls hope to secure the support at $33,000, but if they fail to, the next anchor is expected at $32,000, which may avert the bearish leg from extending to $30,000.

    Bitcoin price intraday levels

    • Spot rate: $33,350
    • Trend: Bearish
    • Volatility: Expanding
    • Support: $33,000 and $32,000
    • Resistance: $34,000 and $36,000
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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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