The Bitcoin price prediction indicates sideways movement as the coin fails to head towards the 21-day moving average.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $21,620
Bitcoin market cap – $413.1 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $27,000, $29,000, $31,000
Support Levels: $17,000, $15,000, $13,000
BTC/USD is hovering at $21,620 but the king coin has not been able to reclaim the resistance level of $22,000 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 face the upper boundary of the channel as the technical indicator Relative Strength Index (14) moves in the same direction below the 50-level. This could mean that the King coin is ready for the upside until the red line of the 9-day moving average crosses above the green line of the 21-day moving average.
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 $22,000. However, a sustainable movement towards the north may reach the resistance level of $25,000, which could allow for an extended recovery in the direction of the potential resistance levels at $27,000, $29,000, and $31,000. On the downside, any bearish movement may cause the Bitcoin price to hit the supports at $17,000, $15,000, and $13,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is trading above 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 9-day moving average and crosses above the upper boundary of the channel, it could locate the resistance level of $23,000 and above.
Moreover, if the bearish movement steps back, the support level of $21,000 may not be able to hold the selling pressure. Therefore, BTC/USD is likely to fall to $20,500 and below if the price moves toward the lower boundary of the channel. Nevertheless, the technical indicator Relative Strength Index (14) is moving towards the 70-level to confirm the bullish movement.
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