Bitcoin Price Prediction: BTC/USD May Fall Below $25,000 Support
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Bitcoin Price Prediction – September 8
The Bitcoin price prediction shows that BTC may continue to face serious selling pressure, with the daily low found within the $25,690 level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $29,000, $30,000, $31,000
Support Levels: $23,000, $22,000, $21,000
BTC/USD continues to face the downtrend as the selling pressure keeps bringing the first digital asset toward the lower boundary of the channel. Meanwhile, traders are not surprised by the selling pressure as bulls failed to push the coin to the upside. However, until bulls break above the 21-day moving average, the king coin may likely face a prolonged bearish movement.
Bitcoin Price Prediction: Bitcoin (BTC) May Fall to $25k Support
At the time of writing, the Bitcoin price is trading down just under 1.34% at its current price of $25,923. This marks a serious fall from its daily high of $26,474 set close to the lower boundary of the channel. However, the coming few days may continue to bring the price of Bitcoin to the negative side, as it is currently trading moving averages.
The Bitcoin (BTC) is likely to cross below $25,000, with bears moving the market price toward the south but any bearish movement below the lower boundary of the channel may take the price to the support levels of $23,000, $22,000, and $21,000 while the resistance levels could be located at $29,000, $30,000, and $31,000 but the technical indicator Relative Strength Index (14) moves above the 40-level, suggesting bearish movement.
BTC/USD Medium-term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is now struggling in a consolidation mode, and this could make the cryptocurrency move sideways or bullishly over the next few hours. Meanwhile, as the coin remains below the 9-day and 21-day moving averages, crossing below the lower boundary of the channel could hit the support at $24,500 and below.
On the contrary, the coin is still roaming around $25,928 as bulls are likely to push the price toward the 9upper boundary of the channel. Meanwhile, $27,500 and above may come into play if the technical indicator Relative Strength Index (14) crosses above the 50-level.
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