BTC/USD Price At Risk; Bulls Defend $20,000 Support

The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move below the 9-day and 21-day moving averages.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $20,432
Bitcoin market cap – $392 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: $24,000, $25,000, $26,000

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

At the time of writing, BTC/USD is trading at $20,432 with sideways movement in the last 24 hours. The Bitcoin price is holding on at its current levels with bullish momentum fading on lower timeframes. BTC/USD couldn’t break the resistance level of $21,000 with the current consolidation pattern as it fails to cross above the upper boundary of the channel.

Bitcoin Price Prediction: Bitcoin (BTC) Could Spark a Fresh Surge

The Bitcoin price is consolidating below the 9-day moving average; however, this is looking less and less likely with each failed breakout attempt as the technical indicator Relative Strength Index (14) moves below the 60-level. On the next positive move, BTC is likely to break above the channel. Bitcoin (BTC) begins the day off by trending higher toward the north only to roll over and fall lower to trade back inside the moving averages.

Nevertheless, if the king coin head to the downside, the first level of support could be located at around $20,000. Beneath this, supports lie at $18,000, $17,000, and $16,000 respectively. However, the current daily candle is still yet to close, so, it does look that the bulls may end up closing above the channel as the potential resistance levels could be found at $24,000, $25,000, and $26,000.

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

Looking at the 4-hour chart, BTC/USD may need to cross above the 9-day and 21-day moving averages and head toward the upper boundary of the channel to mitigate the short-term bearish pressure, which could hit the nearest resistance level of $21,000. However, the potential resistance levels could be located at $21,500 and above.

Meanwhile, should the king coin slides below the lower boundary of the channel, the nearest support may come at $20,000, and a sustainable move lower can increase the downside pressure and push the price toward the support level at $19,500 and below. However, the technical indicator Relative Strength Index (14) is moving in the same direction below the 50-level, suggesting sideways movement.

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