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Bitcoin price prediction shows that BTC has fallen below the $16,700 resistance level in $ as further downside momentum appears imminent.
Bitcoin Forecast Statistics:
Current Bitcoin Price – $16,581
Bitcoin Market Cap – $319.5 Billion
Bitcoin Circulating Supply – 19.2 Million
Total Bitcoin Supply – 19.2 Million
Bitcoin Coinmarketcap Ranking – #1
BTC/USD long-term trend: volatile (daily chart)
Key Levels:
Resistance: $20,000, $22,000, $24,000
Support levels: $14,000, $12,000, $10,000
BTC/USD hit the resistance level of $16,649 during the European session today but failed to break through this level to gain momentum. However, Bitcoin’s trajectory after this pullback may depend on whether the bulls can sustain the price above the critical resistance level of $17,000.
Bitcoin Price Prediction: Will Bitcoin Go Up or Down?
Bitcoin Price
It remains below the 9-day and 21-day moving averages; however, a further correction seems imminent and could break out towards the lower border of the channel. Looking at the daily chart, the main support levels are likely to be $14,000, $12,000 and $10,000, leaving room for BTC to fall further. However, the technical indicator Relative Strength Index (14) remains above the 40 level, suggesting a sideways trend.
However, as the daily chart shows, if the bulls can push the price above the upper boundary of the channel, BTC/USD may see potential resistance at $17,000 and further gains may push it towards other resistance levels of $20,000, $22,000, and $24,000.
BTC/USD Medium-term Trend: Bearish (4-hour chart)
Looking at the 4-hour chart, bulls are back in the market as Bitcoin price is breaking above the 9-day and 21-day moving averages. Bulls need to push Bitcoin price above the moving averages to confirm a bullish move. However, if BTC/USD breaks above the upper boundary of the channel, resistance at $17,500 and above is likely to emerge.
BTCUSD – 4-hour chart
Nonetheless, if the price breaks southward and faces the lower boundary of the channel, it may find support at $16,000 and below. Meanwhile, as the Relative Strength Index (14) rises above the 50 level, bullish signals may increase, pushing Bitcoin price towards a positive trend.
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