Bitcoin price is bouncing back from the start of the decline at $22,580 as buying interest may rise to $24,000.
Bitcoin prediction statistical data:
- Bitcoin Price Now – $23,251
- Market cap of Bitcoin – $443.8 billion
- Circulating supply of Bitcoin – 19.1 million
- Total Bitcoin supply – 19.1 million
- Coinmarketcap Bitcoin Ranking – #1
BTC/USD Long Term Trend: Bearish (Daily Chart)
Key levels:
Resistance levels: $28,000, $30,000, $32,000
Support levels: $19,000, $17,000, $15,000
BTC/USD is trading above the 9-day and 21-day moving averages as the market establishes a slight rise above $23,455 but is currently bouncing back to retest previous resistance at $23,000. The bulls may continue to find resistance levels around the 9-day and 21-day moving averages on the path to recovery, and the path of least resistance appears to the near-term upside in a favorable bullish technical backdrop.
Bitcoin Price Prediction: BTC Price May Skyrocket
In recent hours, after bitcoin price touches the daily low of $22,580, the king coin faces the resistance level of $24,000 and is eagerly waiting to reclaim the resistance level of $25,000. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction the coin will follow. In other words, BTC/USD may decline if Bitcoin price breaks down and faces the lower boundary of the channel.
Meanwhile, the Relative Strength Index (14) technical indicator is moving to cross the 60 level, indicating a bullish move. Therefore, if Bitcoin price breaks above the upper boundary of the channel, it could reach the resistance levels of $28,000, $30,000 and $32,000, but any movement below the moving averages could reach the supports at $19,000, $17,000 and $15,000.
BTC/USD Medium-Term Trend: Bullish (4H chart)
According to the 4-hour chart, Bitcoin price is likely to rebound as the Relative Strength Index technical indicator moves to cross the overbought region. On the upside, if the price of Bitcoin remains above the short-term 9-day and 21-day moving averages, the bullish influence could increase and the gains pile up massively.
However, the current candle may target the resistance level at $26,000 and above, but the best the bulls can do is to hold above the resistance level at $23,000, but any bearish movement below the lower boundary of the channel could reach the support level at $21,500. and lower.
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