BTC/USD Likely to Revisit the $21,000 Level

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The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $21,000.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $20,869
  • Bitcoin market cap – $401.8 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: $23,000, $25,000, $27,000

Support Levels: $19,000, $17,000, $15,000

BTC/USD is seen hovering at $20,869, with the current consolidation pattern, the king coin stays above the 9-day and 21-day moving averages. Though Bitcoin (BTC) begins the day off intending to trend higher, any further bullish movement toward the upper boundary of the channel could hit the nearest resistance level of $21,000. Meanwhile, any cross below the moving averages could locate the first level of support at $19,500. Beneath this, other supports lie at $19,000, $17,000, and $15,000.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

The Bitcoin price is consolidating around the upper boundary of the channel; however, this is looking less as the technical indicator Relative Strength Index (14) moves within the overbought region. On the next positive move, BTC could break above the channel as the candle is still yet to close. Meanwhile, it does look that the bulls may end up closing above this barrier as the potential resistance levels could be found at $23,000, $25,000, and $27,000.

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

On the 4-hour chart, BTC/USD may need to stay above $21,000 and move towards the upper boundary of the channel to mitigate the short-term bearish pressure so that it can hit the nearest resistance level of $22,000. Nonetheless, this psychological barrier may be closely followed by $23,000 and $25,000 resistance levels.

BTCUSD – 4-Hour Chart

On the contrary, if the king coin heads to the downside, the nearest support may come at $19,500 and a sustainable bearish movement could increase the downside pressure and bring the price toward $19,000 and below. Considering the technical indicator Relative Strength Index (14) on the 4-hour chart, the coin is starting to move in the same direction as traders might expect a sideways movement.

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