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The price of Bitcoin (BTC) is in a downtrend as sellers attempt to break through $16,000 support and resume selling pressure. The largest cryptocurrency will regain the low of $15,588 once the current support is breached.
If the slide continues, Bitcoin could reach the next support level at $14,100. In other words, the price will bounce where the existing support holds. If the price rises, Bitcoin will reach a high of $17,200. On the plus side, Bitcoin will reach the high of $20,000 if the BTC price overcomes the obstacle of $17,200. The largest cryptocurrency will fall to $14,106 if Bitcoin falls and breaks the existing support. As a result, panic buying and selling among buyers and sellers will occur.
Bitcoin indicator reading
Bitcoin is still in a downtrend at level 31 of the Relative Strength Index for the period 14. The cryptocurrency is in danger of falling even further. Bitcoin will continue to fall as long as the price bars are below the moving average lines. It is in the oversold zone and below level 20 of the daily stochastic, which could attract buyers.
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