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Bitcoin price prediction gains 0.49% as bulls continue to work hard to foster an uptrend above the upper limit of the channel.
Bitcoin Prediction Statistical Data:
- Bitcoin price now: $23,175
- Bitcoin Market Cap: $445.2 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: $26,000, $28,000, $30,000
Support levels: $20,000, $18,000, $16,000
BTC/USD is at the $23,175 resistance level as the market price is above the 9-day and 21-day moving averages, indicating a bullish move. For the past few days, the Bitcoin price has been moving sideways and against the backdrop of the Bitcoin exchange rate forecast; A resistance application of $24,000 is expected.
Bitcoin Price Prediction: Will BTC break out of the $24,000 level or will it reverse?
If the price of Bitcoin crosses above the upper limit of the channel, the market price is likely to reach the $24,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and a higher development of the uptrend. In the meantime, watching the market move, the Bitcoin price is likely to see a quick pullback or sell-off should it touch the crucial $22,000 support level.
However, any further move higher could reach the resistance level of $26,000, $28,000, and $30,000 respectively. On the downside, if the market decides to cross below the $22,000 support, BTC/USD could head towards the lower boundary of the channel, and if that support fails to hold selloff, the Bitcoin price could see a further decline. towards the support. levels of $20,000, $18,000 and $16,000. As revealed by the technical indicator, the market can gain more if the Relative Strength Index (14) remains within the overbought region.
BTC/USD Medium Term Trend: Bullish (4-hour chart)
On the 4-hour chart, traders wait for the coin to gain the lost momentum so that they can move towards the upper limit of the channel. Conversely, if selling pressure is still there and the coin does not follow the upward move, $22,000 or less may come into play.
However, to the extent that buyers hold the price above the 9- and 21-day moving averages, traders can expect a strong move higher that could hit resistance at $24,500 or higher. Meanwhile, the Technical Indicator Relative Strength Index (14) is moving above the 60 level, suggesting more bullish signals may appear.
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