Bitcoin Price Prediction for Today, January 20: BTC/USD Increases Above $21,500 Resistance

The Bitcoin price prediction restarts the uptrend after crossing above the potential barrier of $21,500 to touch the daily high of $21,999.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $21,888
• Bitcoin market cap – $421.7 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $24,000, $25,000, $26,000

Support Levels: $19,000, $18,000, $17,000

BTC/USD looks green today as the price hovers above the resistance level of $21,500 from the low of $20,568. However, a daily close above the $22,000 level can increase the Bitcoin price to $23,000. At the moment, all eyes focus on the next hurdle above the upper boundary of the channel as a consistent price increase may encourage more buyers to join the market if bulls increase their positions.

Bitcoin Price Prediction: Bitcoin Price May Jump to the Upside

At the time of writing, the Bitcoin price is moving bullishly at its current price of $21,888.67 with two straight bullish days. According to the daily chart, this marks a meaningful climb from the opening price of $20,865 level; therefore, it is important to note that the current price movement may break above the upper boundary of the channel.

Nevertheless, if the market decides to fall below the 9-day and 21-day moving averages, the Bitcoin price could go toward the lower boundary of the channel, and before getting to this barrier, traders could have hit the support levels at $19,000, $18,000, and $17,000 respectively. All the same, any further bullish movement may push the coin to the resistance level of $24,000, $25,000, and $26,000 as the Relative Strength Index (14) stays within the overbought region, suggesting more bullish signals.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages as the intraday trading looks bullish facing the upper boundary of the channel to hit the resistance level of $24,000 and above.

However, if the buyers failed to keep pushing the market upward, traders can expect a retreat below the support level of $21,000, and breaking below this level may further bring the price toward the lower boundary of the channel to reach the support level of $20,000 and below. Meanwhile, the Relative Strength Index (14) is crossing above the 70-level, suggesting bullish signals.

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• Meta Masters Guild – The Fastest Growing Play-to-Earn Guild of 2023
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