Join Our Telegram channel to stay up to date on breaking news coverage
The Bitcoin price prediction rebounds from the early dip at $16,502 as the buying interest may increase above the resistance level of $17,000.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $16,854
- Bitcoin market cap – $323.7 billion
- Bitcoin circulating supply – 19.2 million
- Bitcoin total supply – 19.2 million
- Bitcoin Coinmarketcap ranking – #1
Bitcoin Price Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $21,000, $22,000, $23,000
Support Levels: $14,000, $13,000, $12,000
BTC/USD is trading below the 9-day and 21-day moving averages as the market establishes a slight rise above $17,000 but currently rebounding to retest previous resistance at $16,500. The bulls may find some resistance levels if cross above the 9-day and 21-day moving averages on the road to recovery and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: BTC Price Could Spike Higher
In the past few hours, after the Bitcoin price touches the daily low of $16,502, the king coin is facing the resistance level of $17,000 and looking forward to trading above the 9-day MA. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, this could confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the Bitcoin price breaks below the lower boundary of the channel.
Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above the 40-level, indicating a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $21,000, $22,000, and $23,000 but any movement below the channel could hit the supports at $14,000, $13,000, and $12,000.
BTC/USD Medium-term Trend: Bearish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen rebounding as the technical indicator Relative Strength Index moves to cross above the 50-level. On the upside, if the Bitcoin price stays above the 9-day and 21-day moving averages in the short term, bullish influence could spike and the accrued gains massively.
However, the current candle may target the support level at $14,000 and below but the best the bulls can do is to hold above the resistance level of $17,000 and keep their attention on breaking the potential resistance at $20,000 and above.
Many Investors Are Interested in IMPT Token
The Impact Token is still selling quickly, with more and more buyers showing interest. Pre-sales have been raising around $12.5 million in just a few weeks.
This Is the Best Time to Buy Dash 2 Trade (D2T)
This is the best time to buy the D2T token, and one of the reasons is that Binance’s CZ has already announced an industry turnaround plan for crypto projects. The ongoing pre-sale of Dash 2 Trade has raised nearly $6.5 million so far.
Related:
Join Our Telegram channel to stay up to date on breaking news coverage
