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Bitcoin Price Prediction: BTC price drops towards $10400

Bitcoin price drops towards what to expect

The Bitcoin price line fell towards the $10400 mark on the 21st of September while leading the crypto market down on the charts. The BTC price continued varying between the $10300 and $10500 levels on the 22nd of September. On the 20th of September, the price line was observed varying near the $10800 level.

Bitcoin price movement in the last 24 hours

Bitcoin price chart 1 - 21 September
Bitcoin price chart by Trading View

The cryptocurrency was observed at a day’s high of 10527.14. At the time of writing, the BTC price was observed at $10467.74 on Bitstamp.

BTC/USD 4-hour chart

The Trading View analyst Mudrex believed that the BTC/USD trading pair will observe sideways movements on the 4-hour chart.

Bitcoin price chart 2 - 20 September
Bitcoin price chart by Trading View

The cryptocurrency’s price was rejected from the upper Bollinger Band while it also observed lower highs. The midline provided support to the cryptocurrency during the time of the technical analysis. All of these conditions indicate that the cryptocurrency will observe sideways movement. The Ichimoku cloud is also neutral. The cryptocurrency’s market capitalization is at $203 billion US Dollars.

The trade volume increased for the red volumes. This means that there is a string selling pressure. The Moving Average Convergence Divergence (MACD) line moved below the signal line. The Histogram size also appeared to be increasing in the negative region. The technical indicator suggests that there a bearish bias exists within the current market of the cryptocurrency. The relative Strength Index (RSI) stayed in the neutral region on the 4-hour chart, with a value near 54.

What’s next for the BTC price?

The Trading View analyst Tibor Vrbovsky is of the opinion that the BTC price will either move upwards or downwards from its current ascending trendline.

Bitcoin price chart 3 - 20 September
Bitcoin price chart by Trading View

The cryptocurrency had been trading above the ascending trendline from the 5th of September. Per the idea, the price line was either going to break below the uptrend line or gain a bullish momentum to climb up the chart towards the $11000 mark. An important support structure was marked between the $9900 to $10100 range. The analyst believed that the cryptocurrency will fall to this support if it broke below the trendline.

On the 21st of September, the king of cryptocurrency observed a breakout below the ascending trendline as the crypto market observed bears. The price fell towards the $10400 level.

Will Bitcoin continue to fall?

The Trading View analyst Alan Masters is of the opinion that the BTC price will fall towards the $9800 mark.

Bitcoin price chart 4 - 20 September
Bitcoin price chart by Trading View

The 21-Day Exponential Moving Average appeared to support the BTC/USD pair during the time of publishing. The crypto analyst believed that the cryptocurrency will either fall towards the $10300 mark, where it might find support, or it would continue to fall towards the $9825 level.

The MACD technical indicator also observed a bearish cross while the histogram appeared red. The indicator appears to be suggesting bearish signals for the cryptocurrency. On the 21st of September, the trade came into play as the price fell towards the $10400 mark.

Bitcoin price technical indicators

Bitcoin price chart 5 - 20 September
Bitcoin price chart by Trading View

The Bollinger Bands showed increased price volatility for the BTCUSD trading pair in the afternoon of the 21st of September. This is when the cryptocurrency turned bearish and fell below the $10400 mark. At the time, the MACD and the Signal lines moved below -40.00 on their scale.

Disclaimer: The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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