The Bitcoin price prediction shows that BTC may face down but consolidation is likely to play out between $20,000 and $21,000.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $21,256
- Bitcoin market cap – $406.5 billion
- Bitcoin circulating supply – 19.1 billion
- Bitcoin total supply – 19.1 billion
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $26,000, $28,000, $30,000
Support Levels: $17,500, $15,500, $13,500
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Today, BTC/USD retreats below the resistance level of $21,256. The number-one crypto is likely to cross below the lower boundary of the channel as the price remains below the 9-day and 21-day moving averages. However, the Bitcoin price did not stay up for long because of an immediate reversal. Therefore, the daily chart reveals that the market may experience a slight bearish movement.
BTC May Range-bounds as Tamadoge (TAMA) Remains Bullish
At the time of writing, the Bitcoin price is hovering at $21,256 with a loss of 1.22% on the day. The trading is likely to continue a downward movement as the technical indicator Relative Strength Index (14) remains below the 60-level. The bulls must reclaim the position above $22,000 as this would allow them to focus on higher levels towards $24,000. On the other side, continued declines under the short-term support at $21,000 could easily open the way to the south.
Meanwhile, the breakdown towards $20,000 is not out of the picture because the losses in the last 24 hours show that BTC/USD may not be technically ready for the breakout above $22,000 but the king coin can still make an attempt to regain ground and any bullish movement to the upside may push the coin to the resistance level of $26,000, $28,000, and $30,000 while the supports lie at $17,500, $15,500, and $13,500 respectively.
BTC/USD Medium-term Trend: Bearish (4H Chart)
The Bitcoin price is hovering within the 9-day and 21-day moving averages according to the 4-hour chart. However, if the price drops and moves below the moving averages, it could reach the nearest support levels at $19,500 and below.
Moreover, if the bulls push the coin towards the upper boundary of the channel, the Bitcoin price may likely reach the potential resistance level of $23,500 and above. Now, the market is likely to rebound as the technical indicator Relative Strength Index (14) moves around 40-level.
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Image and article originally from insidebitcoins.com. Read the original article here.