Bitcoin Price Prediction: Downtrend Continues as BTC/USD Crashes to $52,000 Support
Bitcoin Price Prediction (BTC) – April 18
For the past few days now, Bitcoin (BTC) has been trading below $64,000 resistance and the next target support level could be $48,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $65,000, $67,000 $69,000
Support Levels: $46,000, $44,000, $42,000
BTC/USD crashes for the third time in a week trading below the $60,000 in a market-wide sell-off. The king coin remains below the 9-day and 21-day moving averages under increasing pressure from the downtrend. The coin is now losing 7.24% as the market heads toward the south; the pair is being affected by the current slowdown in the entire crypto market and has been making an attempt to recover for the past few hours.
What to expect from Bitcoin (BTC)
As of now, Bitcoin is aiming to fall again as the key support of $50,000 is becoming a threat to bears. There are quite a number of technical levels clustered above the current price which means that the coin may be vulnerable to further losses at least as long as it stays below critical $55,000. BTC/USD pair may drop to $46,000, $44,000, and $42,000 supports if the $50,500 support fails to hold.
In the opposite direction, if the critical support continues to provide support for the market, definitely traders can expect the Bitcoin price to come back to a resistance level of $60,000 before the market experience a rise far above the moving averages to reach the potential resistance levels at $65,000, $67,000, and $69,000 respectively. But as it is now, the Bitcoin price is down and there is a high chance for a break than a bounce. The RSI (14) moves below 45-level, a further drop may cause the Bitcoin price to fall more.
BTC/USD Medium-term Trend: Ranging (4H Chart)
On the 4-hour chart, BTC/USD is moving within a channel pattern. After falling to the $51,300 support level, the Bitcoin price later saw a quick price jump towards the north, from where the bear resume pressure.
Now, the price is facing the $56,000 level. Once this resistance breaks above the moving averages, the $60,000 and above may come into play while the support level is located at $52,000 and below. More so, the technical indicator RSI (14) moves out of the oversold region, which may likely create a bullish momentum.