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BTC/USD May See Further Downside Below $49,000

BTC/USD May See Further Downside Below $49,000

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Bitcoin Price Prediction – December 6

The Bitcoin price has been facing slight selling pressure as of late, with the daily low been located around the $47,241 level.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $44,000, $42,000, $40,000

BTCUSD – Daily Chart

BTC/USD is now facing a downtrend as selling pressure continues to hold the first digital asset around the lower boundary of the channel. Meanwhile, traders are not surprised by the selling pressure as bears try to keep the coin from a breakout above the cryptocurrency’s all-time highs. However, until the bulls break above the 9-day moving average, the king coin is likely to face a prolonged sideways move.

Bitcoin Price Prediction: Bitcoin (BTC) May Fall to Rise Again

At the time of writing, the Bitcoin price is trading down just under 0.91% at its current price of $49,032. However, the current market movement could mark a slight decline and the coming days may continue to bring the price to the negative side, as it could trade below the channel.

The Bitcoin (BTC) is currently trading below the 9-day and 21-day moving averages, with bears dragging the price towards the south but any further bearish movement below the lower boundary of the channel may take the price to the support levels of $44,000, $42,000, and $40,000 while the resistance levels could be located at $54,000, $56,000, and $58,000 as the technical indicator Relative Strength Index moves around 32-level.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

The 4-hour chart reveals that the resistance at the $50,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode and this has made the cryptocurrency remain at the downside. Meanwhile, as the coin trades around the 9-day and 21-day moving averages, moving towards the lower boundary of the channel could hit the support at $46,500 and below.

BTCUSD – 4 Hour Chart

However, the Bitcoin price is roaming around $49,315 as bulls are pushing the price towards the 21-day moving average. More so, the resistance level of $52,000 and above may come into play if the technical indicator Relative Strength Index (14) crosses above 40-level.

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