BTC Price Prediction: Can Bitcoin Price Retest to 200 Moving Average Restore Bullish Recovery?

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
BTC Price Prediction bitcoin news

BTC Price Prediction: The last three weeks’ correction phase has plunged the Bitcoin price from a peak of $25200 to $19800, registering a 22% loss. The coin price is currently wavering above the 20-day moving average(MA), with long-lower price rejection candles indicating the exhausted bearish momentum. Can this MA support resume the bullish recovery or it’s just a temporary halt before the next bear cycle?

Key Points:

  • Bitcoin Fear & Greed Index at 33% indicates the market’s sentiment shows fear
  • A potential bullish reversal from the 200-day MA may encourage a 10% upswing
  • The intraday trading volume in Bitcoin is $43.2 Billion, indicating a 92% gain.

BTC Price PredictionSource-Tradingview

Amid the recent downfall in the crypto market, the Bitcoin price gave a massive breakdown from the combined support of 50% Fibonacci retracement level and $20500. This breakdown was supposed to accelerate selling pressure and push the BTC price to lower levels.

However, the 200-day MA slope which reflects the overall trend in an asset prevented the Bitcoin price from excessive downfall. Over the last three days, the daily chart has shown lower price rejection candles at 200-day EMA support indicating the buyers are accumulating at this support.

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

If the buying pressure persists, the Bitcoin price may witness a relief rally to the following resistance of $21500 and $22500. Considering the overall market sentiment is negative, this potential bullish reversal will be considered temporary until the price surpasses the $22500 mark. 

Technical indicator

RSI: The daily RSI slope at the neckline of the oversold region indicates the traders have overextended the selling activity and thus a minor bullish pullback is plausible. 

EMAs: A bearish crossover between the 20-and-50-day EMA may encourage sellers to hold trend control.

Bitcoin Price Intraday Levels 

  • Spot rate: $20364
  • Trend: Bearish 
  • Volatility: High
  • Resistance levels- $20500 and $21500
  • Support levels- $19000 and $18225
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.