BTC/USD soars near the $24,000 resistance level

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Bitcoin price prediction gains 3.06% as the bulls continue to work hard to foster an uptrend from the $22,974 support.

Bitcoin Prediction Statistical Data:

Bitcoin price now: $23,734
Bitcoin Market Cap: $460.6 Billion
Bitcoin circulating supply: 19.2 million
Total Bitcoin supply: 19.2 million
Bitcoin Coinmarketcap Ranking – #1

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

Key levels:

Resistance levels: $26,000, $28,000, $30,000

Support levels: $21,000, $19,000, $17,000

BTC/USD is currently trading at the $23,734 resistance level as the market price remains above the 9-day and 21-day moving averages, indicating a bullish move from the start of today. 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 $24,000 Resistance Level?

Based on the daily chart, if the price of Bitcoin can cross 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 further development of the uptrend. Looking at the movement of the market, the Bitcoin price is likely to experience a quick pullback or sell-off should it touch the crucial $22,000 level, but if not; traders may see additional resistance levels of $27,000, $29,000, and $31,000 respectively.

On the downside, if the market decides to fall, BTC/USD could slide towards the lower boundary of the channel and the price of Bitcoin could reach the support levels of $21,000, $19,000, and $17,000. 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 expect the coin to maintain the upward move, it could reach the nearest resistance level of $24,000. Conversely, if the selling pressure is there, it could prevent the coin from continuing the upward move, and $22,000 and below may come into play.

BTCUSD – 4 hour chart

However, to the extent that buyers hold the price above the moving averages, traders can expect a strong move higher that could hit resistance at $26,000 or higher. Meanwhile, the Technical Indicator Relative Strength Index (14) is crossing into the overbought region, suggesting more bullish signals may appear.

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