- Bitcoin price prediction hovers towards the bearish zone.
- BTC/USD bulls still defend $30,000 level aggressively.
- Bitcoin trades within a tight range of $32,000 to $30,000.
Bitcoin is stuck within a tight consolidating range with bears ensuring the price remains below $32,500. The pair cannot break higher resistance at $34,000, and bears have a stronghold over the pair at current price levels. The BTC/USD pair has breached the lower support levels at $30,000, but the price has managed to climb above this pivot to ensure BTC/USD remains within the Bollinger Bands.
The inevitable seems to be happening as the pair drifts lower since the bulls cannot gather volumes. The buying action has been stagnant and not up to the mark to increase the price. The liquidity is slowly fading away as the profit booking trend soars. The pair faces selling pressure at higher levels, and resistance pivot points are becoming harder to cross without ample liquidity.
Bitcoin price movement in the last 24 hours – Stagnant within Bollinger Bands
In the past 24 hours, the price is gradually moving south as the pair drifts lower. The supports at $30,000 and $29,000 are holding up well so far. The Bitcoin price prediction is not much changed, and the bearish grip on BTC/USD is getting stronger. BTC is moving within an expanding descending channel with a bearish bias. Lower levels will open up once the pair closes below the $30,000 level.
The opening price of 2021 at $28,956 is within reach. A Pandora’s Box will open once the pair goes below the $29,000 support level since the lower support levels will crumble easily afterward. The BTC/USD is repeatedly testing lower levels for the past 16 hours. A decisive breakout below $29,100 support will intensify selling pressure. If bears push prices downwards, the consolidation can turn into a bear run.
The fluctuating volatility is not helping clear out the foggy Bitcoin price prediction. The sideways movement is likely to continue for the next few hours before the day’s close. The EMA and SMA crossover within the confines of the Bollinger Bands is further complicating the matters.
BTC/USD 4-hour chart – Slow grind to lower levels
There has been a considerable reduction in ‘Fear-of-Moving-Out,’ meaning wild buying activity is missing from the scene. Bitcoin’s bullish rally is also under threat from falling volatility and stablecoin inflows. The consolidation is unlikely to turn into another buying phase if the bulls don’t gather volumes on the hourly charts. Bitcoin price prediction on the hourly charts is not in sync with the daily long-term charts.
The increased selling has exacerbated the fall from $32,280 in BTC/USD. The 200-day SMA is showing a negative slope after the MACD is unable to maintain the bullish crossover. The RSI at 53 is showing a neutral bias to the current price movement.
The hourly charts’ weakness cannot be ignored since the price is following a descending price channel. The price has been steadily moving towards the $30,800 support level and creating an ascending price channel on the small hourly charts. The bottom at $28,760 may help stabilize the price in the near term.
Bitcoin price prediction conclusion – BTC/USD bears fully in command
There is significant resistance at $33,000, which is holding back a bullish rally. The Bitcoin price prediction cannot fend off repeat selling sprees that challenge the long-term ascending price channel. The upper resistance lies at the $36,400 level and won’t be happening anytime soon.
The next hurdle for BTC/USD will emerge at $40,000, but it won’t stop the higher price movements. The bulls need massive liquidity and volume to cross the $42,000 highs and make a dash to the $50,000 level. Several short-term resistances hold the key to the next higher levels in the BTC/USD journey.
Pivot points that may provide breathing space to the pair include $36,050 and $38,740. The price may stagnate here to attract more buying if the price closes above crucial resistance levels. The weekly resistance line situated at $34,400 also holds importance in bullish Bitcoin price prediction.
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