Bitcoin Price Prediction: BTC/USD Retests $49,000 Support, Prepares for More Falls
Bitcoin (BTC) Price Prediction – April 25
BTC/USD is currently in the hands of the sellers but consolidation is likely between $48,000 and $46,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $45,000, $43,000, $41,000
BTC/USD has been struggling to maintain its uptrend, with the selling pressure found within the upper $49,000 region which is stopping it from seeing any major gains throughout the past few days. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the cryptocurrency’s all-time highs. However, until bulls break above this level, the king coin may likely face a sideways movement.
What is the Next Direction for Bitcoin?
BTC/USD is trading down just under 0.91% at its current price of $49,638. This marks an additional down from its daily high of $50,591.38 set below the 9-day and 21-day moving averages. However, the coming few days may continue to affect the king coin negatively, as it is currently trading around the lower boundary of the channel.
Nevertheless, the price corrections of today have traced a falling flag that has been breached very recently. Meanwhile, looking at the daily chart, $45,000, $43,300, and $41,000 serve as the major support levels, making room for BTC/USD to fall even further. The RSI (14) for the coin has just nosedives to cross into the oversold region. Conversely, BTC/USD may see resistance levels at $55,000, $57,000, and $59,000 if climb above the moving averages.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the resistance at the $50,000 has been too heavy for bulls to overcome as the price is now struggling in a consolidation mode, which has made the cryptocurrency remain indecisive over the past few days now. The resistance levels to watch are 54,000 and above.
Nevertheless, the coin is still roaming around $49,586 as bears are pushing the price below the moving averages. Meanwhile, the $46,000 and below may come into play as the technical indicator moves below 40-level.