BTC May Retrace Above $23,500

BTC May Retrace Above ,500

Bitcoin price rebounded from $22,580 in early trade as buying interest could increase to $24,000.

Bitcoin Prediction Statistics:

Bitcoin Price Now – $23,251 Bitcoin Market Cap – $443.8 Billion Bitcoin Circulating Supply – 19.1 Million Bitcoin Total Supply – 19.1 Million Bitcoin Coinmarketcap Ranking – #1

BTC/USD long-term trend: bearish (daily)

Critical level:


Resistance: $28,000, $30,000, $32,000

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

BTC/USD is trading above the 9-day and 21-day moving averages as the market confirms a slight uptick above $23,455 but is currently bouncing back to retest previous resistance at $23,000. Bulls on their way to recovery are likely to continue to find some resistance near the 9- and 21-day moving averages, with the near-term path of least resistance looking up on a favorable bullish technical setup.

Bitcoin Price Prediction: BTC price may surge

After hitting a daily low of $22,580 over the past few hours, the king coin is facing resistance at $24,000, looking to reclaim resistance at $25,000. However, the daily chart shows that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction the coin will follow. In other words, if Bitcoin price falls and faces the lower bound of the channel, BTC/USD could fall.

Meanwhile, the technical indicator RSI (14) is breaking above the 60 level, indicating bullishness. Therefore, if Bitcoin price breaks the upper limit of the channel, it could hit resistance at $28,000, $30,000, and $32,000, but any move below the moving averages could see support at $19,000, $17,000, and $15,000.

BTC/USD mid-term trend: bullish (4-hour chart)

According to the 4-hour chart, Bitcoin price is poised for a rebound as the technical indicator, the Relative Strength Index, moves into overbought territory. On the upside, if Bitcoin prices remain above the 9- and 21-day moving averages in the near term, the bullish impact could surge and accrued earnings surge.

BTCUSD – 4-hour chart

However, the current candle could target resistance at $26,000 and above, but the best thing the bulls can do is stay above the $23,000 resistance, but any bearish move below the channel’s lower bound could hit the $21,500 support bits and below.

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