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The Bitcoin price prediction shows that BTC is rising for the third straight bullish day as the technical indicator looks north.
Bitcoin Prediction Statistical Data:
- Bitcoin price now: $29,118
- Bitcoin Market Cap: $563.7 Billion
- Bitcoin circulating supply: 19.3 million
- Total Bitcoin supply: 19.3 million
- Bitcoin Coinmarketcap Ranking – #1
BTC/USD Long-Term Trend – Range (Daily Chart)
Key levels:
Resistance levels: $34,000, $36,000, $38,000
Support levels: $24,000, $22,000, $20,000
BTC/USD is seen to push the market price above the potential resistance level of $29,000 as the bulls need to hold the price above the 9-day and 21-day moving averages. However, the first digital asset can now move with strong bullish momentum after a sustainable break above a major technical level.
Bitcoin Price Prediction: Would BTC Hold Above the $29k Level?
At this moment, the Relative Strength Index of the technical indicator (14) is about to cross above the upper limit of the channel when the bulls push the price of Bitcoin towards the upper limit of the channel. Meanwhile, for the past few weeks, the price of Bitcoin appears to be struggling within the moving averages, which suggests that the BTC/USD pair may trade lower before attempting to rally again.
To the upside, the $30,000 level lines up with initial resistance. A daily close above this resistance level could push the price to $34,000, $36,000, and $38,000. In other words, Bitcoin could pull back below the moving averages, currently sitting at $29,118. However, if it breaks below $28,000, critical supports can be found at $24,000, $22,000, and $20,000, respectively.
BTC/USD Medium Term Trend – Range (4-hour chart)
According to the 4-hour chart, BTC/USD is currently trading above the 9-day and 21-day moving averages as the coin crosses above the upper boundary of the channel, potentially reaching the $30,000 resistance level. or more. But the Bitcoin market is likely to be range bound around the upper boundary of the channel, but buyers should keep the position intact.
Looking at the Relative Strength Index (14) shows that the BTC price may be poised to go higher as its price moves north. Conversely, if the coin decides to cross below the 9-day and 21-day moving averages, the support level of $28,300 or lower can be found.
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