BTC/USD Begin to Show Bullish Signals

The Bitcoin price prediction is now facing some mixed price action in recent days, with the crypto seeing multiple strong uptrends and selloffs.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $16,431
• Bitcoin market cap – $314.1 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: $21,000, $22,000, $23,000

Support Levels: $13,000, $12,000, $11,000

At the time of writing, BTC/USD is trading up just above 1.43% at its current price of $16,431, which marks a notable surge from recent lows of $16,142 that were set in the early hours of today. However, the king coin’s strength is showing few signs of degrading, with bulls aggressively buying each dip as bears struggle to gain any momentum. Meanwhile, where the crypto trends in the mid-term will undoubtedly depend largely on whether or not it can break above $17,000.

Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)

At the time of writing, the Bitcoin price is trading up marginally at its current price of $16,431.55. Although this marks a meaningful climb from the opening price of $16,201, it is important to note that this could mark a bull-favoring break towards the 9-day and 21-day moving averages.

Meanwhile, as the technical indicator Relative Strength Index (14) faces the north, a sustainable cross above the 40-level could locate the nearest resistance of $18,000, reaching this may allow for an extended recovery towards $21,000, $22,000, and $23,000 respectively. On the contrary, any bearish movement towards the lower boundary of the channel may force the Bitcoin price to hit the supports at $13,000, $12,000, and $11,000.

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

According to the 4-hour chart, BTC/USD should remain above the 9-day and 21-day moving averages to mitigate any short-term bearish pressure and allow for an extended recovery towards $17,000.  However, a higher resistance may be found above the upper boundary of the channel at $17,500 and above.

On the other hand, the nearest support is located at $16,000, and a sustainable move below this level may increase the downside pressure and bring the price toward the support level of $15,500 and below. Considering that the technical indicator Relative Strength Index (14) could revert to the upside, therefore, traders should expect that more bullish signals may come to play.

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