BTC/USD Fails to Hold Above $25,000 Level

The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $26,000.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $24,571
• Bitcoin market cap – $472.3 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: $28,000, $29,000, $30,000

Support Levels: $22,000, $21,000, $20,000

BTC/USD is yet to stay above the resistance level of $25,000 with the current consolidation pattern once again as it fails to close above the upper boundary of the channel. The Bitcoin (BTC) begins the day off by trending higher toward the north only to roll over and fall lower to trade back inside the channel. Similarly, the first level of support could be located at around $24,000. Beneath this, supports lie at $22,000, $21,000, and $20,000.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

The Bitcoin price is consolidating below the 9-day and 21-day moving averages; however, this is looking less and less likely with each failed breakout attempt as the technical indicator Relative Strength Index (14) remains above the 60-level. On the next positive move, BTC is likely to break above the channel. Although the candle is still yet to close and it does look that the bulls may end up closing above this barrier as the potential resistance levels could be found at $28,000, $29,000, and $30,000.

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

Looking at the 4-hour chart, BTC/USD may need to recover above $25,000 and move towards the upper boundary of the channel to mitigate the short-term bearish pressure in other to hit the nearest resistance level of $26,000. However, this psychological barrier may be closely followed by the resistance level of $26,500 and above.

On the contrary, the nearest support may come at $24,000, and a sustainable bearish movement can increase the downside pressure and bring the price toward the support level of $22,500 and $below. Considering that the technical indicator Relative Strength Index (14) is seen moving above the 50-level, traders might expect the king coin to face the upside.

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