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Bitcoin Price Prediction for Today, July 17: BTC Continues Consolidation Phase Above $21,000

Bitcoin Price Prediction
Bitcoin Price Prediction

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The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move towards the $22,000 level.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $21,156
  • Bitcoin market cap – $405.1 billion
  • Bitcoin circulating supply – 19.0 million
  • Bitcoin total supply – 19.0 million
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $28,000, $30,000, $32,000

Support Levels: $16,000, $14,000, $12,000

BTC/USD is at the moment trading at $21,156 with a 0.16% loss after touching the daily high of $21,667. Looking at the daily chart, the Bitcoin price could struggle to stay above the 9-day and 21-day moving averages. More so, for BTC/USD to remain above this barrier, it could make many traders feel that the $21,000 support level could be pretty strong.

Bitcoin Price Prediction: Would BTC Price Break Higher

The Bitcoin price may not drop much, but if the first digital coin breaks below the 9-day and 21-day moving averages, it could change the direction of the coin to face the lower boundary of the channel. Alternatively, Bitcoin (BTC) may reclaim the previous resistance level of $22,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $28,000, $30,000, and $32,000 respectively.

However, the technical indicator Relative Strength Index (14) is moving below 50-level as the coin may consolidate around this level, but this could mean that there may still be a room that could be explored by the bears if it crosses below 40-level. Therefore, the support levels of $16,000, $14,000, and $12,000 may play out.

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

According to the 4-hour chart, the technical indicator Relative Strength Index (14) is sliding towards the 50-level, and this may confirm the bearish movement if it crosses below it. On the contrary, there is a little bit of bullish divergence on the chart as the 9-day MA is above the 21-day MA.

BTCUSD – 4-Hour Chart

However, if the Bitcoin price breaks below the lower boundary of the channel, the market price may likely reach support at $19,000 and below. Meanwhile, if the current market value rises and crosses above the 9-day moving average, it may reach the resistance level at $23,000 and above.

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