BTC/USD Bears Could Demolish $46,000 Support

Bitcoin Price Prediction – January 3

The Bitcoin price prediction shows that BTC keeps trading below the moving averages as the coin touches at $46,276 support.

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

Key levels:

Resistance Levels: $50,000, $52,000 $54,000

Support Levels: $43,500, $41,500, $39,500

BTC/USD is currently facing a setback as this could be a permanent one. The king coin is likely to have a bearish run in the short-term but a price rally may help the coin to head to the south as the red line of the 9-day moving average is crossing below the green line of the 21-day moving average. Currently, Bitcoin (BTC) is trading around $46,573 level after a free fall from $47,299 during the European session and the coin has shown tremendous volatility over the past few days.

Bitcoin Price Prediction: Bitcoin (BTC) May Head Below the Moving Averages

Looking at the daily chart, the Bitcoin price is currently nose-diving below the 9-day and 21-day moving averages. If the price should slump below the support level of $46,000, the king coin is likely to face the downward trend. However, further bearish movement could locate the supports at $43,500, $41,500, and $39,500, making room for BTC to fall even further.

In the meantime, the technical indicator Relative Strength Index (14) is likely to cross below 40-level as trading volume could be in support of the bears. Moreover, if the bulls decide to move the price above the 9-day and 21-day moving average, BTC/USD may likely cross above the upper boundary of the channel to locate the resistance levels at $50,000, $52,000, and $54,000.

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

On the 4-Hour chart, the Bitcoin price stays below the 9-day and 21-day moving averages and the immediate support is likely to come at $45,500 level. The price may likely fall below this level if the bears fully stepped back into the market.

BTCUSD – 4 Hour Chart

However, a further bearish movement could test the critical support at the $45,000 level and below while the resistance is located above the moving averages at the resistance level of $48,000 and above. Technically, Bitcoin is currently moving into the negative side as the technical indicator Relative Strength Index (14) is likely to cross below 40-level.

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