- Bitcoin price prediction highlights the downtrend for BTC Coin.
- BTC coin fell by 2.82% in the last 24 hours.
- Bitcoin delivered growth of 33.14% in the last year.
Bitcoin price prediction unveils that the market sentiments for BTC coin are bearish as the prices kept falling since the month of February 2023. The BTC coin is trading at $0.6818. The market is down by 2.82% in the last 24 hours. The 24-hour volume surged by 19.33%. The overall market cap of the BTC token is $6,356,062,624.
The Price Follows A Strong Downtrend
Bitcoin’s price prediction highlights that the cryptocurrency has been under selling pressure since February 2023. BTC coin started the year with a strong growth of 100%, which took the prices to the resistance of $1.5661. After that, the market started declining by making lower lows and lower highs.
Since then, the coin has seen a fall of almost 67% before recovering from the support level of $0.5533. The bulls showed some interest, which helped the price climb 30% to its current level. At the time of writing, BTC is trading close to its local resistance of $0.7016.
In the month of June 2023, BTC showed weak performance as it declined 18.43%. The price travels in a descending channel, which holds the key for a bullish reversal. In order to achieve this, the bulls must demonstrate a powerful breakout supported by volume to confirm a reversal. In such a case, Bitcoin (BTC) has the potential to surge by almost 114% to the price target of $1.5
Can The Market Break The Resistance?
A closer look at the 4-hour chart reveals the market structure of an ascending channel. The prices appear to be in a short-term uptrend as they make higher highs and lower lows. This pattern can be interpreted as a bear flag, which is a common sight in a strong downtrend.
A breakdown of this channel may cause a further decline of almost 40%, and the prices may test the lower support zone of $0.3343. It is up to the buyers to save BTC from falling further, and it can be achieved if the price breaks the descending channel.
RSI:
The RSI indicator is currently at 48.83 on the 4 hour. This represents slightly bearish to sideways market conditions. The price may be more biased to the downside but it lacks a strong momentum.
MACD:
MACD made a bullish crossover below the 0 line. The histogram bars represent that bullish momentum is increasing but it is not significant enough. The market may lack momentum until the indicator crosses the 0 line.
200 EMA:
On the 4-hour chart, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This indicates a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
Bitcoin price prediction unveils that the market sentiments for BTC coin are bearish as the prices have kept falling since February 2023. The technical indicators suggest that the overall trend remains bearish and that the coin is consolidating after a big fall. Investors may wait for the breakout of the channel for the start of an uptrend and should follow a good risk management plan.
Technical Levels
- The nearest support: $0.5533
- The nearest resistance: $0.7069
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.