Bitcoin Price Prediction – December 24
Bitcoin price prediction shows that BTC is struggling to foster a bull trend starting from the $50,445 support level.
BTC/USD long-term trend: Bearish (Daily chart)
Key Levels:
Resistance: $55,000, $57,000, $59,000
Support levels: $47,000, $45,000, $43,000
BTCUSD – Daily Chart
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BTC/USD is currently trading up 0.75%. BTC/USD opened at $50,842 and is now adjusting to the current market value of $51,221. However, the current situation suggests that the price may remain above the 9-day and 21-day moving averages. At the same time, the technical indicator Relative Strength Index (14) may continue to follow the upward trend.
Bitcoin Price Prediction: BTC price could break higher
At the time of writing, the Bitcoin price is currently hovering at $51,221. Meanwhile, depending on market trends, there could be a quick retracement or sell-off after hitting the critical $52,000 level, and traders could see another test of $50,000 before any further gains can be made.
If the market decides to decline, Bitcoin price could break below the 9-day and 21-day moving averages and if this support fails to hold the decline, traders could see further declines towards the $47,000, $45,000, and the critical $43,000 support levels. However, any further upside movement above the upper boundary of the channel could hit the $55,000, $57,000, and $59,000 resistance levels.
BTC/USD Medium-term Trend: Range-bound (4-hour chart)
On the 4-hour chart, we expect the coin to regain lost momentum and reach trading above $51,000. However, volatility remains and selling pressure remains, which could push the coin below the 9-day and 21-day moving averages. Meanwhile, if BTC heads south, $50,000 and below could become a focus.
BTCUSD – 4-hour chart
However, if the buyers are able to strengthen and push the market forward, traders can expect a breakout of the upper boundary of the channel, a breakout of which could lead the bulls to the $52,500 resistance level and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving within the overbought zone, suggesting sideways movement.
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