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The Bitcoin price prediction discloses that BTC could break above the upper boundary of the channel to hit the resistance level of $22,000.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $20,808
- Bitcoin market cap – $400.8 billion
- Bitcoin circulating supply – 19.2 million
- Bitcoin total supply – 19.2 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $23,000, $25,000, $27,000
Support Levels: $18,500, $16,500, $14,500
BTC/USD is at the moment trading at $20,808 with a 4.38% gain since the beginning of today’s trading. The Bitcoin price could spike above the upper boundary of the channel and for the king coin to stay above this barrier; it could make many traders feel that the $20,000 support level could be pretty strong.
Bitcoin Price Prediction: Would BTC Price Break Higher?
The Bitcoin price could not drop much cause of today’s trading, but if the first digital coin breaks below the support level of $20,000, 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 $21,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $23,000, $25,000, and $27,000 respectively.
Nevertheless, the technical indicator Relative Strength Index (14) is hovering within the overbought region as the king coin spikes to a higher level. Moreover, this could mean that there may still be a room that could be explored by the bulls if it remains within the region. On the contrary, the Bitcoin price could retreat a little and the support levels of $18,500, $16,500, and $14,500 may play out.
BTC/USD Medium-term Trend: Bullish (4H Chart)
From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) is now hovering within the overbought region, and this confirms the bullish movement. Meanwhile, adding to this, there is a little bit of sideways movement on the Relative Strength Index (14) as the king coin may consolidate before gaining additional bullish movement.
However, if the Bitcoin price breaks below the 9-day and 21-day moving averages, the market price could reach support at $19,000 and below. Meanwhile, if the current market value rises and crosses above the upper boundary of the channel, it could reach the resistance level of $22,500 and above.
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