BTC Breaks Below $38,000 Support

Following the $38,000 breakdown, the Bitcoin price prediction shows BTC dropping heavily after getting rejected at $40,817.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $34,000, $32,000, $30,000

BTC/USD is showing heavy negative signals after touching the daily high of $40,817 today. The Bitcoin price fails to make any ground towards the upper boundary of the channel. Therefore, the coin is dropping heavily with a loss of 5.38% within the 24 hours of trading as it touches the daily low of $37,850.

Bitcoin Price Prediction: Bitcoin Price Ready to Go Lower

The daily chart reveals that the Bitcoin price continues to develop some signs of weakness in the past few weeks. Therefore, the resistance provided during the European session continues to fail each time it attempts to break, and close above the 9-day and 21-day moving averages. However, the market price remains bearish as the signal line of the Relative Strength Index (14) moves toward the oversold region.

In the meantime, the Bitcoin price needs to break above the $41,000 resistance to make the market bullish. But, if the sellers bring the market price beneath the support at $38,000, the next level of support could lie at $36,000. Wherefore, beneath this, additional supports could be found at $34,000, $32,000, and $30,000 respectively.

Moreover, should in case the bulls regroup and push higher, the Bitcoin price could hit the potential resistance levels at $44,000, $46,000, and $48,000.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, BTC/USD is trending in a downward channel formation. During the European session today, the Bitcoin (BTC) touches the high of $38,425 before retreating to where it is currently changing hands at $37,993. Further bearish movement could locate the support level at $35,500 and below.

However, the technical indicator Relative Strength Index (14) faces the oversold region, now moving below the 35-level. However, if the Bitcoin price rises toward the north; further bullish movements may push the price to the resistance level at $40,000 and above.

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