BTC/USD resumes consolidation, will it drop below $23,000?

Bitcoin price prediction shows BTC trading at $23,363 as the first digital asset appears to be preparing for a bearish move.

Bitcoin Prediction Statistical Data:

• Bitcoin price now: $23,363
• Bitcoin Market Cap: $450.8 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: $27,000, $28,000, $29,000

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

Despite having the highest market capitalization in the crypto market, BTC/USD seems to be waiting for an opportunity for a breakout in a positive or negative direction. The first digital crypto is likely to cross below the 9-day and 21-day moving averages if sellers increase selling pressure. In that sense, the Bitcoin price is likely to extend the bearish move towards the $23,000 support level if it crosses below the 21-day moving average.

Bitcoin Price Prediction: Is $25k Resistance Coming For BTC?

Looking at the daily chart, the Bitcoin price is likely to touch the $25,000 resistance level if the Bitcoin price crosses above the upper limit of the channel. Furthermore, any further bullish move above this barrier may locate the potential resistance levels of $27,000, $28,000, and $29,000. Meanwhile, when new uptrends are building up, traders can use the moving averages as a pivot resistance point to gauge the strength of the trend. Therefore, if BTC/USD rises above the upper limit of the channel, it could be a sign of sustainability and could result in a bullish continuation.

Conversely, if the BTC price does not rise; Traders may see a price cut below the moving averages, and a further low could take the price to the $20,000, $19,000, and $18,000 support levels respectively. For now, the price of Bitcoin is likely to fall as the technical indicator’s Relative Strength Index (14) may cross below the 70 level.

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

According to the 4-hour chart, the price of Bitcoin is moving sideways as the bulls are likely to return to the market. The king coin is likely to cross above the 9-day and 21-day moving averages; otherwise, the support level of $22,500 and below may take the spotlight.

However, if the bulls push the market above the moving averages, traders can wait for a touch of the $24,000 resistance level, breaking this level can further push the price towards the $24,500 resistance level and higher, while the Relative Strength Index (14) technical indicator is hovering around the 50 level, suggesting a sideways move.

Bitcoin Alternatives

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