BTC Stays Around $24,500 Level
The Bitcoin price prediction indicates sideways movement as the coin fails to cross above the upper boundary of the channel.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $34,000
Bitcoin market cap – $467.0 billion
Bitcoin circulating supply – 19.1 million
Bitcoin total supply – 19.1 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $34,000, $36,000, $38,000
Support Levels: $19,000, $17,000, $15,000
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BTC/USD is hovering at $24,461 but the king coin has not been able to reclaim the resistance level of $25,000 as the coin consolidates above the 9-day and 21-day moving averages. At the moment, the Bitcoin price may begin to follow the sideways movement, but the daily chart shows that the formation of a bullish movement is likely to play out.
Bitcoin Price Prediction: BTC Price May Consolidates to the Upside
As the Bitcoin price moves toward the east, it is likely to slide and cross the upper boundary of the channel as the technical indicator Relative Strength Index (14) moves in the same direction above the 60-level and this could mean that the King coin is ready for the upside.
Looking at it from above, recovery may set in bit by bit as the bulls may bring the king coin above the resistance level of $25,000. However, a sustainable movement towards the north may cross above the channel, which could allow for an extended recovery in the direction of the potential resistance levels at $34,000, $36,000, and $38,000. On the downside, any bearish movement may cause the Bitcoin price to hit the supports at $19,000, $17,000, and $15,000.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is heading towards the 9-day and 21-day moving averages. BTC/USD may cross above the upper boundary of the channel as the market is trying to recover from the bearish momentum. However, if the price is stable above the moving averages and crosses above the channel, it could locate the resistance level of $25,500 and above.
Moreover, if the bearish movement steps back, the support level of $24,000 may not be able to hold the selling pressure. Therefore, BTC/USD is likely to fall to $23,500 and below if the price moves toward the lower boundary of the channel. Nevertheless, the technical indicator Relative Strength Index (14) is moving below the 60-level to confirm the sideways movement.
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