BTC/USD may consolidate above $24,000

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The Bitcoin price prediction is currently consolidating and seems to be gearing up for the next move above the $24,000 resistance level.

Bitcoin Prediction Statistical Data:

Bitcoin price now: $23,484
Bitcoin Market Cap: $453.2 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: $28,000, $29,000, $30,000

Support levels: $19,000, $18,000, $17,000

The daily chart reveals that BTC/USD failed to break the $23,500 resistance level with the current consolidation pattern yet again as it fails to cross above the 9-day moving average. Bitcoin (BTC) starts the day off trending north only to turn around and fall lower to trade inside the channel again. Similarly, the first support level could be around $23,000. Below this, support lies at $19,000, $18,000, and $17,000 levels.

Bitcoin Price Prediction: Bitcoin (BTC) May Break Out

However, a break above the upper limit of the channel can see Bitcoin price reach the $24,000 level as the Relative Strength Index (14) moves above the 50 level. On the next positive move, traders may see BTC cross above the 21-day moving average. Although the candle has not closed yet, it looks like the bulls may end up closing above the 21-day SMA; Crossing above the upper boundary of the channel could locate potential resistance levels at $28,000, $29,000, and $30,000.

BTC/USD Medium Term Trend – Range (4-hour chart)

Looking at the 4-hour chart, BTC/USD may need to rally above $24,000 and any move higher towards the upper limit of the channel could mitigate short-term bearish pressure to reach the nearest resistance level of $25,000. However, this psychological barrier can be closely followed by the resistance level of $26,000+.

BTCUSD – 4 hour chart

Conversely, the nearest support can come in at $23,000, and a sustainable move lower can add to the downside pressure and push the price to the support level of $21,000 or below. Considering that the technical indicator Relative Strength Index (14) on a 4-hour chart is starting to turn higher, as traders can expect the bull case scenario to come into play.

Bitcoin Alternatives

At the time of writing, the Bitcoin price is facing the upside as the king coin moves to cross over to the upside. However, if the price continues to create a bullish move, traders may witness more higher levels. Meanwhile, BTC’s current performance is gradual and may inspire more bullish moves. Yet FGHT is the access token for FightOut, the Web 3.0 fitness app and gym chain that combines real-life workouts with competing in the metaverse, a world first of its kind. Therefore, the pre-sale is still going on and close to $5 million has been raised during this process, as investors are expected to invest in the token before the end of the pre-sale.

Fight Out (FGHT) – Move to win in the metaverse