BTC/USD Trades below $22,000 Resistance

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After touching the daily high of $21,365, the Bitcoin price prediction is down to touch a low of $21,143; no quick recovery seems possible for now.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $21,232
  • Bitcoin market cap – $407.5 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: $25,000, $27,000, $29,000

Support Levels: $18,000, $16,000, $14,000

After forming a short-term top, BTC/USD price slides toward the 9-day and 21-day moving averages as the price consolidates around $21,232, with a few bearish signals. However, the recent correction to the upward failed near the $21,265 level and it seems like Bitcoin bulls are struggling to gain momentum above this level.

Bitcoin Price Prediction: Would Bitcoin Head to the Downside?

The Bitcoin price is currently hovering above the 9-day and 21-day moving averages. On the downside, the $21,000 and $20,000 levels are initial supports. Therefore, if the bulls fail to defend the recent low of $21,143, there is a risk of a sharp decline. However, if the bears drag the price below the lower boundary of the channel, then, Bitcoin (BTC) could drop to the critical supports of $18,000, $16,000, and $14,000 respectively.

Nevertheless, if there is a clear break above the upper boundary of the channel, the Bitcoin price could hit the $22,000 resistance level. If the bulls manage to gain strength above $23,000, there are chances of a decent recovery toward the $24,000 resistance area. More so, the key breakout zone is near the $25,000, $27,000, and $29,000 resistance levels. Meanwhile, the Relative Strength Index (14) for BTC/USD is moving above the 60-level, suggesting more sideways movement.

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

The Bitcoin price is at the moment hovering below the 9-day moving average, bringing its price from $21,270 to reach a low of $21,189. More so, if the price drops further, it could reach the support levels of $20,500 and below.

BTCUSD – 4-Hour Chart

Moreover, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price may likely hit the potential resistance levels of $22,500 and below. At the moment, the market is bearish as the Relative Strength Index (14) indicator prepares to cross below the 60-level.

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