Bitcoin Price Prediction – September 24
The Bitcoin price sees a 4.56% price decline over the past few hours as the cryptocurrency fails at $45,200 and heads lower.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $65,000, $67,000, $69,000
Support Levels: $53,000, $51,000, $49,000
BTC/USD loses its momentum after touching key resistance above $45,000. At the moment, the pair is down 4.56% on the day at $42,848 trading below the 9-day and 21-day moving averages. Meanwhile, looking at the daily chart, Bitcoin may struggle to close above $43,000 and if it does this, it should be free to rise well above $45,000 if it moves in the next positive directions.
Bitcoin Price Prediction: Bitcoin (BTC) May Consolidate Around $40,000
Since a couple of days ago, the Bitcoin price has not been able to close above the resistance at $45,000. The king coin has really been struggling to break this region over the past 4 days of trading. Moreover, in today’s session, the coin attempted to push higher as it reached $45,200, but the sellers then step in and start pushing the coin lower to reach the current level at $40,683.
Moreover, the $40,000 may serve as the nearest support level, which may likely make room for the coin to fall further with the supports of $37,500, $35,500, and $33,500. The Relative Strength Index (14) for the coin nosedives below 47-level indicates a downward movement. Meanwhile, BTC/USD may likely see the resistance levels of $49,000, $51,000, and $53,000 if it finds its way back above the 9-day and 21-day moving averages.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-Hour chart, the Bitcoin price hovers around $43,015 and may take time to persistently trade above the 9-day and 21-day moving averages. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $45,000 and $47,000 resistance levels.
However, on the downside, immediate support is around the $43,000 level while the main support is at the $42,000 level. The price may likely drop towards the lower boundary of the channel if the bears step back into the market, a further movement could reach the critical support at the $41,000 level and below. However, the Relative Strength Index (14) moves above 45-level, indicating bullish movement.
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