Bitcoin Price Prediction: BTC/USD Consolidates Around $50,900
Bitcoin Price Prediction – December 25
The Bitcoin price is currently moving around the upper boundary of the channel after the king coin hits an intraday high of $51,171.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $47,000, $45,000, $43,000
At the time of writing, BTC/USD is hovering around the $50,915 level after touching the daily high of $51,171. Meanwhile, there has been a lot of sluggish movement in the market as neither the bulls nor the bears are looking to hold the price by the scruff of its neck.
Bitcoin Price Prediction: What Could Trigger Fresh Rally?
As the Bitcoin price hovers around the upper boundary of the channel, the price need to close above $51,000 to indeed indicate an upside opening on the daily chart. Previously, the price range between $50,000 and $51,000 acted as support. However, for BTC/USD to turn bullishly, the bulls need to take it out decisively to turn it into support once again and then push the coin above the channel to face the resistance level of $55,000, $57,000, and $59,000.
Currently, the Bitcoin’s rise may likely give other altcoins a much-needed boost and also calm the cryptocurrencies market as well. Therefore, for Bitcoin to be rejected at $51,000, the drop may lead to a decline below the 9-day and 21-day moving averages. Should in case the coin falls more, it could rely on the long-term support levels at $47,000, $45,000, and $43,000 as the Relative Strength Index (14) moves in the same direction.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is ranging and the coin may depreciate if the $50,500 level is broken. The 9-day MA is likely to cross below the 21-day MA, the Bitcoin price may fall and could reach the critical support at $50,000, and below.
However, if the bulls can hold the current price and push the coin back above the upper boundary of the channel, it could hit the potential resistance at $52,000, and above. Meanwhile, the technical indicator Relative Strength Index (14) is currently moving sideways, making the market to be indecisive at the moment.
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