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Bitcoin Price Forecast: BTC/USD Slips to Monthly Low, Seeks Support

Bitcoin Price Forecast: BTC/USD Slips to Monthly Low, Seeks Support

Peter Hanks, Strategist

Bitcoin (BTC/USD) Price Outlook:

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Bitcoin Price Forecast: BTC/USD Slips to Monthly Low, Seeks Support

The largest cryptocurrency by market cap, Bitcoin, fell to a fresh monthly low on Wednesday as it slipped beneath $18,000 for the first time since late November. Bulls were quick to react, however, and BTC/USD enjoys a long lower wick on the daily candle as a result. Further still, the new monthly low of $17,656 is above the November low which critically allows for the series of higher-highs and higher-lows to continue.

Bitcoin (BTC/USD) Price Chart: Daily Time Frame (May 2020 - December 2020)

bitcoin daily price chart

As a result, the outlook for Bitcoin remains encouraging in my view. While recent losses should not go unnoticed, consolidation may be healthy given that the coin trades narrowly beneath record levels and has surged more than 155% in the year-to-date.

Bitcoin (BTC/USD) Price Chart: 1 - Hour Time Frame (November 2020 - December 2020)

bitcoin hourly price chart

That being said, a break beneath the November lows would amount to a serious technical blow and could open the door to further losses. Thus, $16,250 may stand as the “line in the sand” at this stage. Thankfully for bulls, various areas of potential support exist between the current trading price and $16,250. First is the ascending trendline projection drawn off the November and December lows, followed by the January 2018 high near $17,220.

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Should both levels fail to buoy price, losses could extend lower and threaten the broader Bitcoin rally that has unfolded throughout 2020. There are cases to be made for both bullish and bearish sides of the cryptocurrency, but the dominant trend remains higher – albeit recent losses have put it at risk.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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