BTC/USD Looks For A Direction; Will $22k Come to Play?

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The Bitcoin price prediction gains 3.16% as bulls keep working hard to nurture a bullish trend above the moving averages.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $20,721
  • Bitcoin market cap – $395.5 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: $23,000, $24,000, $25,000

Support Levels: $18,000, $17,000, $16,000

BTC/USD is hovering at the $20,721 resistance level as the market price is above the 9-day and 21-day moving averages, indicating a bullish movement. For the past few days, the Bitcoin price has been moving bullishly, and in the context of the Bitcoin exchange rate forecast; an application of $21,000 resistance is expected.

Bitcoin Price Prediction: Will BTC Break Above $21,000 Level or Reverse?

If the Bitcoin price can cross above the upper boundary of the channel, it is likely for the market price to touch the nearest resistance at the $21,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and further development of the bullish trend. Meanwhile, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the crucial $19,000 support level.

However, any further bullish movement above the channel could reach the resistance level of $23,000, $24,000, and $25,000 respectively. On the downside, if the market decides to cross below the 9-day and 21-day moving averages, BTC/USD could head towards the lower boundary of the channel, and if that support fails to hold the sell-off, the Bitcoin price could see a further decline toward the support levels of $18,000, $17,000, and $16,000. As revealed by the technical indicator, the market may gain more if the Relative Strength Index (14) crosses above the 70-level.

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

On the 4-hour chart, the Bitcoin price is seen heading to the upside as traders expect the coin to gain the lost momentum so that it could cross above the upper boundary of the channel. On the contrary, if the selling pressure exists and holds the coin does not follow the upward movement, $20,000 and below may come into play.

BTCUSD – 4-Hour Chart

However, in as much as the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $21,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is within the overbought region, suggesting that more bullish signals may play out.

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