BTC/USD Keeps Fighting Near $17,000 Level

The Bitcoin price prediction shows that BTC is still attempting an upside break above $17,000 as the king coin touches the $16,967 level.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $16,842
• Bitcoin market cap – $324.5 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $21,000, $23,000, $25,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD range-bounds with the selling pressure seen around the $16,829 level which is stopping it from seeing any major gains. BTC could gain bullish momentum if there is a daily close above the $17,000 and $17,200 resistance levels. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day and 21-day moving averages. However, until bulls keep the price above this barrier, the Bitcoin price may continue to face a prolonged sideways movement or drop below the current market value.

Bitcoin Price Prediction: Bitcoin May Revisit the Downtrends

The Bitcoin price may likely slide below the 9-day and 21-day moving averages as the daily chart shows; but, a further retracement seems imminent and it is likely to break below $16,500. Meanwhile, $14,000, $12,000, and $10,000 serve as the major support levels, should in case BTC wants to fall further. The technical indicator Relative Strength Index (14) is hovering below the 50-level, suggesting bearish movement.

However, as the daily chart reveals, if the bulls could push the price back above the daily high at $16,967, BTC/USD could see a potential resistance level at $17,000, and any bullish cross above the upper boundary of the channel could send it to the potential resistance levels at $21,000, $23,000, and $25,000 respectively.

BTC/USD Medium-term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the bears are likely to come back into the market as the Bitcoin price moves within the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above this barrier, the resistance level of $17,700 and above may come into play.

However, if the price breaks to the south and faces the lower boundary of the channel, the support level of $16,200 and below may be in focus. Nonetheless, as the Relative Strength Index (14) moves to cross below the 50-level, more bearish signals may play out before a rebound could emanate.

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