The Bitcoin price prediction shows that BTC rises in the early hours of today, but got rejected as the market ranges.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $21,687
Bitcoin market cap – $414.8 billion
Bitcoin circulating supply – 19.1 billion
Bitcoin total supply – 19.1 billion
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $25,000, $27,000, $29,000
Support Levels: $19,000, $17,000, $15,000
BTC/USD may follow a bearish movement if the bears force the king coin to bow down to fresh losses. At the time of writing, BTC/USD is changing hands at $21,687 after adjusting from the resistance level of $21,925 which is an intraday high. The Bitcoin price may be vulnerable to losses if the price remains below the 9-day and 21-day moving averages.
Bitcoin (BTC) Bears May Show Again as Tamadoge Looks Bullish
The Bitcoin price from a technical angle reveals that the market price may follow the downtrend or continue to move sideways because the bullish movement is not visible now. However, the technical indicator Relative Strength Index (14) may confirm the bearish movement if the signal line drops below the 40-level. The 9-day moving average is still below the 21-day moving average which may confirm the bearish movement.
Moreover, bulls are currently banking on the 9-day moving average to ensure that despite a reversal, the Bitcoin price needs to cross above this barrier. Therefore, any bearish movement below the channel may cause the coin to reach the critical supports at $19,000, $17,000, and $15,000. Following the upward movement, if the coin heads toward the upper boundary of the channel, it may hit the nearest resistance levels at $25,000, $27,000, and $29,000 respectively.
BTC/USD Medium-term Trend: Ranging (4H Chart)
As the 4-hour chart reveals, the Bitcoin price is seen crossing above the 9-day and 21-day moving averages, the bulls are likely to come back into the market while the bears are trying to pull the price down which could hit the support at $20,500 and below.
Moreover, buyers may need to regroup and hold the support of $21,500, once this is done, traders may expect a movement towards the upper boundary of the channel, and this could push the king coin to the resistance level of $23,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is seen above the 50-level, suggesting a sideways movement.
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