TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin Price Prediction: BTC bears eye two-month-old support line amid losses below 21-day SMA

  • BTC/USD stands on a slippery ground, fails to keep bounces off key support line.
  • Sustained trading below 21-day SMA, bearish MACD favor sellers.
  • Monthly falling trend line adds to the upside barrier.
Bitcoin Price Prediction: BTC bears eye two-month-old support line amid losses below 21-day SMA
Anil PanchalAnil PanchalFXStreet

BTC/USD holds lower ground, currently near the intraday low of 18,172, during early Friday. The crypto major marked the second failure to break an upward sloping trend line from October 09 the previous day. However, bearish MACD and extended weakness below the 21-day SMA favor the Bitcoin sellers.

Hence, further weakness towards the key support line, at 18,064 now, can’t be ruled out.

Though, any more downside past-18,064 will need validation from the 18,000 round-figures before eyeing the late-November lows around 16,210.

During the quote’s downside between 18,000 and 16,210, lows marked during November 22 and December 09, around 17,640/20, can offer breathing space to the BTC/USD bears.

Meanwhile, an upside break of 21-day SMA, currently around 18,600 will look to confront a falling trend line from December 01, at 19,131 now.

In a case where the BTC/USD bulls manage to dominate past-19,131, the monthly peak of 19,914 and the 20,000 psychological magnet will be in the spotlight.

BTC/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price18250.55
Today Daily Change0.00
Today Daily Change %0.00%
Today daily open18250.55
 
Trends
Daily SMA2018619.56
Daily SMA5016444.12
Daily SMA10013653.97
Daily SMA20011927.32
 
Levels
Previous Daily High18556.36
Previous Daily Low17907.62
Previous Weekly High19914.17
Previous Weekly Low17535.82
Previous Monthly High19864.5
Previous Monthly Low13219.52
Daily Fibonacci 38.2%18155.44
Daily Fibonacci 61.8%18308.54
Daily Pivot Point S117919.99
Daily Pivot Point S217589.43
Daily Pivot Point S317271.25
Daily Pivot Point R118568.73
Daily Pivot Point R218886.92
Daily Pivot Point R319217.48

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
Share:

Editor's Picks

XRP approaches key support as risk-off sentiment deepens

XRP approaches key support as risk-off sentiment deepens

Ripple (XRP) is trading at $1.06 on Monday, maintaining its position within a broader bearish trend. The token’s technical outlook continues to deteriorate, pressured by declining retail participation. Appetite for risk assets remains lethargic, as reflected in the Fear & Greed Index, which is embedded in the Fear territory at 28.
Crypto Today: Bitcoin, Ethereum, XRP extend decline amid renewed risk-averse sentiment

Crypto Today: Bitcoin, Ethereum, XRP extend decline amid renewed risk-averse sentiment

The cryptocurrency market remains weak on Monday, with Bitcoin (BTC) falling toward the nearest $62,000. Ethereum (ETH) and Ripple (XRP) reflect the sell-off across altcoins, edging lower toward $1,800 and $1.05, respectively. Risk appetite remains subdued, as the Fear & Greed Index holds steady at 28, deep within Fear territory.
The Bitcoin futures yield collapse: Once over 20%, now less than Treasury notes

The Bitcoin futures yield collapse: Once over 20%, now less than Treasury notes

Once a goldmine for carry traders, Bitcoin futures have flipped, consistently underperforming plain‑vanilla U.S. Treasuries every month since February. Carry trades consistently yielded 20% or more across regulated and unregulated crypto exchanges during the 2021 bull market. The strategy involved shorting Bitcoin futures while simultaneously buying a spot exchange-traded fund (ETF).
The crypto market is moving in the opposite direction to equities

The crypto market is moving in the opposite direction to equities

The crypto market’s market capitalisation has fallen by 1% over the past 24 hours, returning to levels last seen in mid-July. The positive momentum the market showed in the first half of last week failed to take hold. Once again, we are seeing a negative correlation with the Nasdaq 100 index, this time in the form of falling cryptocurrencies while shares rise. Could this be becoming the new norm?
Bitcoin: Bulls hold the line

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.