BTC Price Prediction: Can Bitcoin Price Retest To 200 Moving Average Restore Bullish Recovery?

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Published 9 hours ago

BTC Price Prediction: The last three weeks’ correction phase has plunged the Bitcoin price from a peak of $25200 to $19800, registering a 22% loss. The coin price is currently wavering above the 20-day moving average(MA), with long-lower price rejection candles indicating the exhausted bearish momentum. Can this MA support resume the bullish recovery or it’s just a temporary halt before the next bear cycle?

Key Points:

Bitcoin Fear & Greed Index at 33% indicates the market’s sentiment shows fear
A potential bullish reversal from the 200-day MA may encourage a 10% upswing
The intraday trading volume in Bitcoin is $43.2 Billion, indicating a 92% gain.

BTC Price Prediction

BTC Price Prediction Source-Tradingview

Amid the recent downfall in the crypto market, the Bitcoin price gave a massive breakdown from the combined support of 50% Fibonacci retracement level and $20500. This breakdown was supposed to accelerate selling pressure and push the BTC price to lower levels.

However, the 200-day MA slope which reflects the overall trend in an asset prevented the Bitcoin price from excessive downfall. Over the last three days, the daily chart has shown lower price rejection candles at 200-day EMA support indicating the buyers are accumulating at this support.

Technical indicator

RSI: The daily RSI slope at the neckline of the oversold region indicates the traders have overextended the selling activity and thus a minor bullish pullback is plausible.

EMAs: A bearish crossover between the 20-and-50-day EMA may encourage sellers to hold trend control.

Bitcoin Price Intraday Levels

Spot rate: $20364
Trend: Bearish
Volatility: High
Resistance levels- $20500 and $21500
Support levels- $19000 and $18225

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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