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Bitcoin Price Prediction: BTC/USD May Head To $25,000 Level If The Market Closes Above This Level

Bitcoin (BTC) Price Prediction – December 23

At the time of writing, Bitcoin (BTC) is trading around $23,936 after recording a dip at $21,913 a couple of days ago.

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

Key levels:

Resistance Levels: $26,800, $27,000, $27,200

Support Levels: $21,500, $21,300, $21,100

BTCUSD – Daily Chart

After a tremendous bullish movement this month, BTC/USD continues to trade above the 9-day and 21-day moving averages, facing hurdles at the $24,000. As of now, Bitcoin has been aiming to fall again, but the key support is becoming a threat to the bears. However, the king coin is preparing to cross above the upper boundary of the channel with a gain of 0.48% in the last few trading hours.

Would Bitcoin Go Up or Down?

At the time of writing, Bitcoin is moving above the moving averages on the daily chart. After falling to $23,710 support, BTC/USD makes a quick price jump towards the upper boundary of the channel, from where the bulls may resume pressure. Now, the price is hovering around the $23,936 level, any bearish movement below this level, then, the $21,500, $21,300, and $21,100 supports may come into play.

However, if the 9-day MA can continue to provide support for the market, traders can expect the price to climb back to $24,100 resistance before climbing above the channel to meet $26,800, $27,000 and 27,200 resistance levels. Meanwhile, the technical indicator RSI (14) remains within the overbought zone, suggesting bullish signals.

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

Looking at the 4-hour chart, the Bitcoin (BTC) falls below the moving averages but bulls are making efforts to defend the $23,000 support as well. Meanwhile, the $22,000 and below may come into play if BTC breaks below the mentioned support.

BTCUSD – 4 Hour Chart

Moreover, if the buyers can gather more momentum to power the market and move the coin to the higher high, traders may expect a retest at a $24,300 resistance level, and breaking above this level may push the price towards the resistance level of $24,800 and above. Meanwhile, the technical indicator RSI (14) is moving above the 50-level, suggesting more bullish movement.

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      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.

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