BTC/USD May Retrace Above $17,000

The Bitcoin price prediction rebounds from the early dip at $16,502 as the buying interest may increase above the resistance level of $17,000.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $16,854
• Bitcoin market cap – $323.7 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

Bitcoin Price Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $21,000, $22,000, $23,000

Support Levels: $14,000, $13,000, $12,000

BTC/USD is trading below the 9-day and 21-day moving averages as the market establishes a slight rise above $17,000 but currently rebounding to retest previous resistance at $16,500. The bulls may find some resistance levels if cross above the 9-day and 21-day moving averages on the road to recovery and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.

Bitcoin Price Prediction: BTC Price Could Spike Higher

In the past few hours, after the Bitcoin price touches the daily low of $16,502, the king coin is facing the resistance level of $17,000 and looking forward to trading above the 9-day MA. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, this could confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the Bitcoin price breaks below the lower boundary of the channel.

Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above the 40-level, indicating a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $21,000, $22,000, and $23,000 but any movement below the channel could hit the supports at $14,000, $13,000, and $12,000.

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

According to the 4-hour chart, the Bitcoin price is seen rebounding as the technical indicator Relative Strength Index moves to cross above the 50-level. On the upside, if the Bitcoin price stays above the 9-day and 21-day moving averages in the short term, bullish influence could spike and the accrued gains massively.

However, the current candle may target the support level at $14,000 and below but the best the bulls can do is to hold above the resistance level of $17,000 and keep their attention on breaking the potential resistance at $20,000 and above.

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