BTC/USD Ranges As Price Targets $24k Resistance

Bitcoin price prediction is falling back into a narrow channel, but buying interest could rise if the price approaches $23,500.

Bitcoin Prediction Statistical Data:

• Bitcoin price now – $22,921
• Bitcoin Market Cap: $442.2 Billion
• Bitcoin circulating supply: 19.2 million
• Total Bitcoin supply: 19.2 million
• Bitcoin Coinmarketcap Ranking – #1

BTC/USD Long-Term Trend: Bearish (Daily Chart)

Key levels:

Resistance levels: $26,500, $27,500, $28,500

Support levels: $20,000, $19,000, $18,000

During the European session today, BTC/USD starts the day at the $23,011 resistance level and is likely to drop below the 9-day moving average if the bears increase selling pressure. However, the psychological barrier of $23,500 still serves as the first major resistance within the market and a sustainable move above the upper limit of the channel is likely to take the price to the resistance level of $24,000.

Bitcoin Price Prediction: Will Bitcoin (BTC) Head Higher?

Bitcoin price is seen hovering above the 9-day and 21-day moving averages. However, from the look of things, the king coin is likely to break below the 9-day moving average, which may add to the selling pressure. At the time of writing, BTC/USD is hovering around $22,921 and if this is fixed, dips to $21,500 are likely to be bought, meaning overall bullish sentiments may prevail.

However, if the price moves below the mentioned support, it could target $21,000, which served as support during the previous consolidation period, while critical supports can be found at $20,000, $19,000, and $18,000. To the upside, first resistance is likely to hit $24,000 if the king coin rallies. Once this is done, $25,000 could come back into focus. A further move higher may reach potential resistance levels at $26,500, $27,500 and $28,500 as the Relative Strength Index (14) moves into the overbought region.

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

The 4-hour chart shows that Bitcoin bears are still in play within the market, keeping Bitcoin price below the 9-day and 21-day moving averages. Although BTC/USD has not yet dipped below $22,000, it is still in the process of recovering.

However, the Bitcoin price is moving sideways at the time of writing, but the upward move could push the price to the resistance of $25,000 or higher, while immediate support is found at $21,500 or lower. The Relative Strength Index (14) is moving below the 60 level, indicating a bearish move.

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