The Bitcoin price forecast is likely to pull back a bit before hitting the potential resistance level of $25,000.
Bitcoin prediction statistical data:
- Bitcoin Price Now – $22,437
- Market cap of Bitcoin – $429.3 billion
- Circulating supply of Bitcoin – 19.0 million
- Total Bitcoin supply – 19.0 million
- Coinmarketcap Bitcoin Ranking – #1
BTC/USD Long Term Trend: Going (Daily Chart)
Resistance levels: $29,000, $31,000, $33,000
Support levels: $17,000, $15,000, $13,000
BTC/USD fails to reach the $24,000 resistance level as the largest cryptocurrency heads towards the 9-day and 21-day moving averages. However, the bearish movement seen in the crypto market shows that cryptos are preparing for another bullish spike on the upside.
Bitcoin Price Prediction: Would BTC Price Go Down?
The bitcoin price is trading at $22,437 with an intraday loss of 3.40% as the prevailing trend is expected to follow the bearish move. However, Bitcoin (BTC) is currently facing south in the channel, and continued bearish movement could drive the price lower. In the meantime, BTC/USD is likely to drop and stay below the 9-day and 21-day moving averages, which could hit critical support levels at $17,000, $15,000, and $13,000.
However, if Bitcoin price breaks above the upper boundary of the channel; the price might reach a vital resistance of $25,000 while a further bullish push might take the coin to the resistance levels of $29,000, $31,000 and $33,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is slipping below the 60 level, which shows possible bearish momentum within the channel.
BTC/USD Medium-Term Trend: Range (4H Chart)
As the market opens today, Bitcoin price hits daily lows of $22,340 but is now hovering around $22,551. If the price turns down and heads towards the lower boundary of the channel, it could reach the next level of support at $20,000 and below.
However, if the bulls push the coin above the 9-day and 21-day moving averages, Bitcoin price could reach the potential resistance level of $25,000 and above. For now, the market could be in a downtrend if the Relative Strength Index (14) technical indicator breaks below the 40 level.
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