Bitcoin Price Prediction: BTC/USD May See Further Downside to $45,000

Bitcoin Price Prediction – May 15

The Bitcoin price faces some immense selling pressure in the past few days, with the resistance finds within the $50,000 level.

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

Key levels:

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $45,000, $43,000, $41,000

BTCUSD – Daily Chart

BTC/USD range-bounds with the selling pressure seen around $49,000 level which is stopping it from seeing any major gains. Meanwhile, we are not surprised with the selling pressure as bears are trying to defend against a break above the all-time highs. However, until bulls break above this level, the Bitcoin price may continue to face a prolonged sideways movement.

Bitcoin Price Prediction: Any Hope for Bitcoin price?

At the time of writing, BTC/USD is trading down just under 1.06% at its current price of $49,378. The latest price reduction has made the Bitcoin price see a sharp cut below today’s opening price at $49,893 moving towards the south. In the time following this rally, BTC/USD has been making an effort to erase the gains accrued so far, with the crypto plummeting to lows of $49,155 before climbing slightly to its current price of $49,378.

Nevertheless, the Bitcoin price corrections of today have traced a falling flag that has been breached very recently. Meanwhile, looking at the daily chart, $45,000, $43,000, and $41,000 could serve as the major support levels, making room for BTC/USD to fall even further. The Relative Strength Index (14) for the coin moves in the same direction below 40-level.

On the other hand, if the technical indicator breaks above the 40-level, the Bitcoin price may cross above the 9-day and 21-day moving averages which could hit the resistance levels of $54,000, $56,000, and $58,000.

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

The 4-hour chart reveals that the $50,000 resistance level is been too heavy for bulls to overcome as the price is now struggling in a consolidation mode, which keeps the Bitcoin price below the 9-day and 21-day moving averages. However, any bullish movement to the upside may locate the potential resistance level at $54,000 and above.

BTCUSD – 4 Hour Chart

Nevertheless, the coin is still roaming around $49,334 as bears are pushing the Bitcoin price to the downside. Meanwhile, the $45,000 and below may come into play as the technical indicator Relative Strength Index (14) moves below 40-level.

You have not selected any currencies to display

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.