BTC/USD Range-bounds; A Recovery to $21k Resistance?

The Bitcoin price prediction shows that BTC slumps below the resistance level of $20,390 as further downside momentum appears to be imminent.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $20,148
• Bitcoin market cap – $370.6 billion
• Bitcoin circulating supply – 19.1 million
• Bitcoin total supply – 19.1 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $24,000, $25,000, $26,000

Support Levels: $17,000, $16,000, $15,000

BTC/USD touches the resistance level of $20,390 during the European session today but the king coin is at the time of writing hovering at $20,148 after dropping from the daily high. More so, where Bitcoin will go next after this retreat is likely to depend on the ability of the bulls to hold the price above the key support at $20,000.

Bitcoin Price Prediction: Would Bitcoin Go Up or Down?

The Bitcoin price remains intact within the 9-day and 21-day moving averages; however, a further retracement seems imminent and it is likely to break below the 21-day moving average. Meanwhile, looking at the chart, $17,000, $16,000, and $15,000 serves as the major support levels, making room for BTC to fall even further. The technical indicator Relative Strength Index (14) is still moving above the 50-level, suggesting sideways movement.

However, as the daily chart reveals, if the bulls could push the price above the upper boundary of the channel, BTC/USD may see a potential resistance level at $21,000, any further movement could send it to other resistance levels at $24,000, $25,000, and $25,000 respectively.

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

Looking at the 4-hour chart, the bears are still dominating the market as the coin remains below the 9-day and 21-day moving averages. The bulls failed to push the Bitcoin price above the moving averages. Meanwhile, if BTC/USD heads toward the upper boundary of the channel, the resistance level of $21,500 and above may come into play.

However, if the price breaks below the lower boundary of the channel and falls more, the support levels of $19,000 and below may come to focus. Meanwhile, as the Relative Strength Index (14) nosedives below 40-level, more bearish signals may play out before a rebound could come in.

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