As the Bitcoin price prediction trades above $23,400, the bulls are ready to push the king coin to hit the resistance level of $24,000.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $23,408
- Bitcoin market cap – $447.4 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)
Key levels:
Resistance Levels: $27,000, $29,000, $31,000
Support Levels: $20,000, $18,000, $16,000
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BTC/USD is likely to follow a bullish movement as the king coin may begin an increase above the 9-day and 21-day moving averages. At the beginning of today’s trading, the Bitcoin price sees a steady rise towards the $24,000 resistance level, and the Bitcoin price hits the daily high at $23,600. At the time of writing, BTC/USD is likely to settle above the moving averages to increase the bullish movement.
BTC Price May Rise to the Upside, Tamadoge (TAMA) Gains More Uptrends
The Bitcoin price is seen retracing and trading below the 9-day and 21-day moving averages as the market price prepares to move to the upside. However, any further increase in the bullish movement could increase the current market value to reach the nearest resistance at $24,000. The buyers may locate the potential resistance levels at $27,000, $29,000, and $31,000 if the bulls put in more effort.
In the meantime, if the resistance level of $23,500 fails to hold, it may reverse and face the support level of $23,000, further increase in the bears’ pressure may bring down the price below the moving averages, and this could cause the king coin to hit the support levels at $20,000, $18,000, and $16,000 respectively. Moreover, the technical indicator Relative Strength Index (14) is moving around 50-level, suggesting sideways movement.
BTC/USD Medium-term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages at a price value of $23,379. With the look of things, the bulls may begin to push the price to cross above the moving averages but any bearish cross below the lower boundary of the channel may bring the coin towards the support level of $22,500 and below.
Moreover, if the Bitcoin price finds a decent resistance level at $24,000 level, the first digital asset may head towards the upper boundary of the channel to hit the resistance level of $24,500 and above. Now, the technical indicator Relative Strength Index (14) may move sideways before deciding on the next possible direction.
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