Bitcoin Price Prediction – September 24
The Bitcoin price prediction shows BTC dropping today as the cryptocurrency breaks beneath $45,200 and heads toward $40,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $37,000, $35,000, $33,000
BTC/USD is seen dropping with another loss of 5.24% today as the cryptocurrency falls beneath the $45,000 level to reach the daily low at $42,212. Looking at the daily chart, the resistance level of $45,000 is a very important level as it provided a strong resistance for the market during yesterday’s trading; therefore, it is expected to provide strong support moving forward.
Bitcoin Price Prediction: Bitcoin Price Could Fall More
The Bitcoin price is currently trading below the 9-day and 21-day moving averages, with support provided by the trend line. However, a break below this trend line could cause Bitcoin to slide towards the $40,000 level. However, the king coin is currently in a critical position as the next few days may dictate the direction it will take over the next few weeks. Therefore, a drop below $37,000 could be detrimental to Bitcoin as it could lead the first digital asset to the supports of $37,000, $35,000, and $33,000.
Furthermore, if the buyers can rebound from the current level, the first resistance level could be located at $46,000. Additionally, further resistance is expected at $48,000. This could likely follow potential resistance at the $50,000, $52,000, and $54,000 levels. Therefore, if the coin can cross these levels, the market could become bullish in the short term. Currently, the Relative Strength Index (14) is facing south, preparing to drop below the 40-level.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
As reveals by the 4-hour chart, the Bitcoin price is seen hovering at $41,630 as the coin trades below the 9-day and 21-day moving averages with sellers forcing its price down to the lows of $40,683. However, if the bulls decide to push the market price above the 9-day and 21-day moving averages, the coin could find potential resistance at $48,000 and above.
However, it now looks like the cryptocurrency is threatened with a further decline in the near future as multiple attempts to break its $39,700 support seem to indicate that the bears are gaining momentum. As the Relative Strength Index (14) crosses below 40-level, the coin may locate the critical supports at $39,000 and below.
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