BTC/USD Could Turn Attractive Above $23,000

The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move toward the $23,500 level.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $23,061
• Bitcoin market cap – $443.9 billion
• Bitcoin circulating supply – 19.2 million
• Bitcoin total supply – 19.2 million
• Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $28,000, $30,000, $32,000

Support Levels: $20,000, $23,000, $21,000

BTC/USD is at the moment trading at $23,061 with a 0.54% gain since the beginning of today’s trading. The Bitcoin price may cross above the 9-day moving average. Moreover, for BTC/USD to remain above this barrier, it could make many traders feel that the $23,000 support level could be pretty strong.

Bitcoin Price Prediction: Would BTC Price Break Higher

The Bitcoin price could not drop much cause of today’s trading, but if the first digital coin breaks below the support level of $23,000, it could change the direction of the coin to face the lower boundary of the channel. Alternatively, Bitcoin (BTC) may reclaim the previous resistance level of $24,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $28,000, $30,000, and $32,000 respectively.

Nevertheless, the technical indicator Relative Strength Index (14) is moving above the 60-level as the coin may consolidate around this level. Moreover, this could mean that there may still be a room that could be explored by the bears if it crosses the 21-day moving average. Therefore, the support levels of $20,000, $18,000, and $16,000 may play out.

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

From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) is now recovering towards the 50-level, and this may confirm the bullish movement if it crosses above it. Meanwhile, adding to the above, there is a little bit of bullish divergence as the coin crosses above the 9-day moving average to continue the bullish movement.

However, if the Bitcoin price breaks below the lower boundary of the channel, the market price could reach support at $22,000 and below. Meanwhile, if the current market value rises and crosses above the 21-day moving average, the Bitcoin price could hit the potential resistance level of $24,000 and above.

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