BTC/USD Range-bounds; A Recovery to $24k Resistance?

The Bitcoin price prediction shows that BTC is trading around the resistance level of $22,786 as further upward movement could play out.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $22,786
• Bitcoin market cap – $436.8 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: $26,000, $27,000, $28,000

Support Levels: $19,000, $18,000, $17,000

BTC/USD touches the resistance level of $22,979 during the European session today but the king coin is at the time of writing hovering at $22,786 after dropping from the daily high. Moreover, where Bitcoin will go next is likely to depend on the ability of the bulls to hold the price above the key support at $22,500.

Bitcoin Price Prediction: Would Bitcoin Go Up or Down?

The Bitcoin price remains intact above the 9-day and 21-day moving averages; however, a further retracement seems imminent and it is likely to break below the 9-day moving average. Meanwhile, looking at the chart, $19,000, $18,000, and $17,000 serves as the major support levels, making room for BTC to fall if the bears step into the market. The technical indicator Relative Strength Index (14) is still moving within the overbought region, suggesting sideways movement.

However, as the daily chart reveals, if the bulls could push the price above the upper boundary of the channel, BTC/USD may see a potential resistance level at $24,000, any further movement could send it to other resistance levels at $26,000, $27,000, and $28,000 respectively.

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

Looking at the 4-hour chart, the bears are likely to come into the market as the coin could slide below the 9-day and 21-day moving averages. Meanwhile, if BTC/USD heads toward the upper boundary of the channel, the resistance level of $25,000 and above may come into play.

However, if the price breaks below the lower boundary of the channel and fall more, the support levels of $21,000 and below may come to focus. Meanwhile, as the Relative Strength Index (14) nosedives below 70-level, more bearish signals may play out before a rebound could come in.

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