Bitcoin price forecast is up 4.32% as bulls continue their efforts to foster a bullish trend from the $17,934 support.
Bitcoin Prediction Statistics:
Bitcoin price now – $19,767
Bitcoin Market Cap – $375.3 Billion
Bitcoin circulating supply – 19 million
Total Bitcoin Supply – 19 million
Bitcoin Coinmarketcap Ranking – #1
BTC/USD long-term trend: bearish (daily)
Resistance: $27,000, $29,000, $31,000
Support levels: $12,000, $10,000, $8,000
BTC/USD is currently trading at the $19,767 resistance as the market price is heading towards the 9-day and 21-day moving averages, indicating a bullish move since the start of the day. Bitcoin price has been moving southwards against the backdrop of Bitcoin exchange rate forecasts for the past few days; resistance at $20,000 is expected to be applied.
Bitcoin Price Prediction: Will BTC Break the $20,000 Resistance?
Looking at the daily chart, if Bitcoin price can break above the 9-day EMA, the market price is likely to hit the $20,000 level. This is where traders should expect buyers to fight for further gains in BTC/USD and further development of the bullish trend. However, the move is aimed at providing resistance near $22,000.
Meanwhile, looking at the market action, Bitcoin price could experience a quick retracement or sell-off in case it hits the key $20,000 level, but if not; traders could see $22,000 and $24,000 before pushing higher Additional resistance for the dollar. However, any further bullish moves could see resistance at $27,000, $29,000 and $31,000, respectively.
On the downside, if the market decides to fall, BTC/USD could break below the lower band of the channel, and if this support fails to stop the sell-off, Bitcoin price could drop further towards the $12,000 support, $10,000 and $8,000. As the technical indicators show, the market could gain more if the RSI (14) leaves the oversold territory.
BTC/USD medium-term trend: Bearish (4-hour chart)
On the 4-hours chart, traders are expecting the coin to gain lost momentum that could potentially break above the 21-day moving average. Conversely, if selling pressure persists, the coin can be held against the upside, with $16,000 and below likely to come into play.
However, as long as buyers keep prices above the moving averages, traders may expect a strong bullish move that could hit resistance at $24,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) may break above the 50 level, suggesting that more bullish signals may be in the offing.
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