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Bitcoin price prediction shows BTC trading above the 9-day and 21-day moving averages as the recovery slowly comes.
Bitcoin Prediction Statistical Data:
- Bitcoin price now: $20,896
- Bitcoin Market Cap: $402.7 Billion
- Bitcoin circulating supply: 19.2 million
- Total Bitcoin supply: 19.2 million
- Bitcoin Coinmarketcap Ranking – #1
BTC/USD Long-Term Trend – Range (Daily Chart)
Key levels:
Resistance levels: $24,000, $26,000, $28,000
Support levels: $18,000, $16,000, $14,000
At the time of writing, BTC/USD is seen trading at $20,896 after rocketing towards the upper limit of the channel. The first digital asset is seen to return to where it is currently trading and may head lower if the bears pull back in the market.
Bitcoin Price Prediction: Bitcoin (BTC) May Consolidate
According to the daily chart, the Bitcoin price needs to stay above the moving averages in order for it to cross above the upper limit of the channel; otherwise, a bearish breakout may occur which could send the king coin south. Meanwhile, the 9-day SMA is well above the 21-day SMA, and the technical indicator’s Relative Strength Index (14) is sending dovish signals where a swing to the upper bound may confirm the proper trend.
However, BTC/USD can confirm the uptrend if the market price breaks above $21,000. Conversely, the Bitcoin price may continue the downtrend if the price crosses below the 9-day moving average. If this happens, the king coin can slide to the support levels of $18,000, $16,000, and $14,000 respectively. Otherwise, a strong bullish rally can push the price towards the $24,000, $26,000, and $28,000 resistance levels.
BTC/USD Medium Term Trend – Range (4-hour chart)
The 4-hour chart reveals that Bitcoin (BTC) is currently trading below the 9-day and 21-day moving averages. Meanwhile, if the price continues to rise and moves towards the upper boundary of the channel, it could reach the nearest resistance level at $23,000 or higher.
In other words, if the bears push the price below the lower boundary of the channel, it could reach the nearest support at $19,000 or lower. Now, the Relative Strength Index of the technical indicator (14) is above the 50 level, which suggests a bullish move in the market.
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