The Bitcoin price prediction reveals that BTC could break out of the current pattern in the near term and head towards the $22,000 level.
Bitcoin prediction statistical data:
- Bitcoin Price Now – $21,156
- Market cap of Bitcoin – $405.1 billion
- Circulating supply of Bitcoin – 19.0 million
- Total Bitcoin supply – 19.0 million
- Coinmarketcap Bitcoin Ranking – #1
BTC/USD Long Term Trend: Bearish (Daily Chart)
Resistance levels: $28,000, $30,000, $32,000
Support levels: $16,000, $14,000, $12,000
BTC/USD is currently trading at $21,156 with a loss of 0.16% after hitting the daily high of $21,667. Looking at the daily chart, Bitcoin price might struggle to stay above the 9-day and 21-day moving averages. More so, for BTC/USD to stay above this barrier, many traders might feel that the $21,000 support level might be quite strong.
Bitcoin Price Prediction: Would BTC Price Be Higher?
The bitcoin price may not drop much, but if the first digital coin breaks below the 9-day and 21-day moving averages, it could change the direction of the coin to face the lower boundary of the channel. Alternatively, Bitcoin (BTC) may recover the previous resistance level of $22,000 to head higher. If successful, BTC/USD could target the resistance levels of $28,000, $30,000, and $32,000 respectively.
However, the Relative Strength Index (14) technical indicator is moving below the 50 level as the coin may consolidate around this level, but this could mean that there may still be a coin that could be explored by bears if it drops below 40-level. Therefore, the support levels of $16,000, $14,000 and $12,000 can play.
BTC/USD Medium-Term Trend: Range (4H Chart)
According to the 4-hour chart, the technical indicator Relative Strength Index (14) is sliding towards the 50 level, which could confirm the bearish move if it crosses below. On the contrary, there is a bit of bullish divergence on the chart as the 9-day MA is above the 21-day MA.
However, if Bitcoin price breaks below the lower boundary of the channel, the market price could likely reach support at $19,000 and below. Meanwhile, if the current market value rises above the 9-day moving average, it may reach the resistance level at $23,000 and above.
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