InsideBitcoins.com

Bitcoin Price Prediction: BTC/USD Struggles Between $22,000 and $24,000 Range, Could Trigger on the Upside Soon

Bitcoin (BTC) Price Prediction – December 24, 2020
BTC/USD has remained confined between $22,000 and $24,000 as buyers and sellers engage in price tussle. Today, buyers push BTC to the $23,800 resistance zone but were repelled. Usually, the price will retrace to the lower price range and then resume upward. It has been the market scenario.

Resistance Levels: $23,000, $24,000, $25,000
Support Levels: $13,000, $12,000, $11,000

BTC/USD – Daily Chart

The current price range was formed for the past week when buyers failed to push BTC above $24,000 overhead resistance. On December 20, the bulls pushed the price to $24,244 high but were repelled after a retest at the resistance. BTC plunged to $21,884 low. For the past week, BTC has been fluctuating consistently between $22,000 and $24,000. If the bulls succeed in breaking the $24,000 overhead resistance, the coin will rally above $25,000. Also, if the bears break the $22,000 support, the market will decline to $19,500. The current fluctuation will persist if these range-bound levels remain unbroken.

Novogratz Hopes Biden Admin Reverses Trump’s Anti- Crypto Stance
Novogratz, the Galaxy Digital CEO calls Trump’s crypto policies “anti-dollar” and “anti-innovation.” He said the United States is in desperate need of open-minded cryptocurrency regulations from the incoming Biden administration. It is assumed that the cryptocurrency industry will succeed in the long run, as more regulatory clarity is needed. Novogratz said: “I’m hoping, you know — we get a change of the guard in 20 days — I’m hoping we can get some more open-minded regulators.”

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has continued to fluctuate in the current price range of $22,000 and $24,000. The Fibonacci tool has indicated the upward of the coin. On December 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicated that the coin will rise and reverse at level 1.272 Fibonacci extensions. That the high of $24,858.70.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.