BTC/USD Keeps Turning Bearish Below $48,000

Bitcoin Price Prediction – December 17

The Bitcoin price extends the bearish movement below $47,500 after numerous trials to sustain gains above $48,000.

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

Key levels:

Resistance Levels: $52,000, $54,000, $56,000

Support Levels: $43,000, $41,000, $39,000

BTC/USD falls below the 9-day and 21-day moving averages as the first digital asset embarks on a support smashing exercise after touching the daily high of $48,000. However, across the market, the bearish control is seen with other cryptos posting similar losses.

Bitcoin Price Prediction: Bitcoin (BTC) Prepares to Drop More

At the time of writing, the Bitcoin price is hovering at $47,168.55 with an intraday loss of 0.98%. As reveals by the daily chart, traders may note that the prevailing trend is bearish and the king coin is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the lower boundary of the channel is likely to add more pains to the coin. Should this happened, BTC/USD is expected to hit the critical support levels at $43,000, $41,000, and $39,000.

Moreover, should the Bitcoin price returns above the 9-day moving average; the price could rise towards the vital resistance level of $65,000. A further bullish drive could push the price to $52,000, $54,000, and $56,000 resistance levels. On contrary, the technical indicator Relative Strength Index (14) is showing a continuous bearish, suggesting that the market may remain at the downside.

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

According to the 4-hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages, bringing its price to trade around $46,973. Meanwhile, should the price drop and face the lower boundary of the channel, it could reach the support level at $46,000 and below.

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could hit the resistance level of $48,000 and above. At the moment, the market may continue to experience more downtrends as the technical indicator Relative Strength Index (14) is likely to cross below 40-level.

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