Bitcoin Price Prediction: What Is the Next Direction for Bitcoin?
The Bitcoin price is currently trading below the 9-day and 21-day moving averages at $36,808 after an attempt by the bears to take the price down to $35,000. The move happened in less than one hour after Bitcoin dropped below 9-day MA at $36,000 which is an important support level on the daily chart but the bulls managed to bounce back up from $35,127 to $36,808 where it is currently.
It is important to note that Bitcoin’s inability to post any sustained closes above the $40,000 region shows that it is currently plagued by underlying weakness. This consolidation phase has given rise to a plethora of bearish divergences that may cause the cryptocurrency to see a notable retrace in the days ahead.
Moreover, the potential resistance levels for the coin are located at $45,000, $50,000, and $55,000 while the critical supports lie at $30,000, $25,000, and $20,000 as the Relative Strength Index (14) moves down into the oversold region, suggesting more bearish signals.
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