Previous article BTC price outlook: BTC/USD below $32k as weekly close hits YTD low Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News BTC price outlook: BTC/USD below $32k as weekly close hits YTD low BTC price outlook: BTC/USD below $32k as weekly close hits YTD low By - min read 19 July 2021 Bitcoin’s (BTC) price declined by 8% this past week as sell-off pressure continued to cap buyers. The benchmark cryptocurrency even touched a low of $31,025 on Coinbase. On the weekly chart, BTC recorded a candle close of $31,788, the lowest the cryptocurrency has seen since the penultimate week of 2020. As of writing, Bitcoin is trading near $31,400 and although it could yet rebound off support at $31k, it remains weak as technical indicators suggest further pressure in the near term. BTC price outlook Last week, the BTC price dropped and posted a bearish candle for the second week running. It’s also now four out of five in the red over the last few weeks. The decrease saw BTC/USD sink to a weekly low of $31,025, and eventually a weekly candle close that’s the lowest since the $26,258 recorded during the week of December 21-28 last year. BTC/USD weekly price chart. Source: TradingView Technical indicators support a short-term bearish continuation. The weekly RSI is below 50 and sloping, while the MACD continues to trend lower after a bearish crossover. A look at the Stochastic oscillator reveals a similar outlook, with the indicator in the oversold territory after recently forming a bearish cross. Bitcoin price daily chart. Source: TradingView On the daily chart, Bitcoin remains capped below the 50-day moving average (50 SMA) after forming a death cross on 19 June. The daily RSI also suggests bears have the upper hand. BTC/USD is now below a long-term horizontal support line formed at the $32,050 zone. It’s also below short-term horizontal support at $31,604. If the price falls below $31k, support is likely at $30,278 and possibly $28,400. On the upside, bulls could push above $32k and target fresh gains around $32,800-$34,880. Share this article Categories Markets Tags Bitcoin News