BTC/USD May Consolidate Above $24,000

The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $24,000.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $23,484
• Bitcoin market cap – $453.2 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: $28,000, $29,000, $30,000

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

The daily chart reveals that BTC/USD couldn’t break the resistance level of $23,500 with the current consolidation pattern once again as it fails to cross above the 9-day moving average. The Bitcoin (BTC) begins the day off by trending higher toward the north only to roll over and fall lower to trade back inside the channel. Similarly, the first level of support could be located around $23,000. Beneath this, support lies at $19,000, $18,000, and $17,000 levels.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

However, a break above the upper boundary of the channel may set the Bitcoin price to reach the $24,000 level as the Relative Strength Index (14) moves above the 50-level. On the next positive move, traders can see BTC crossing above the 21-day moving average. Although the candle is still yet to close, it does look that the bulls may end up closing above the 21-day moving average; crossing above the upper boundary of the channel could locate the potential resistance levels at $28,000, $29,000, and $30,000.

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

Looking at the 4-hour chart, BTC/USD may need to recover above $24,000 and any bullish movement towards the upper boundary of the channel could mitigate the short-term bearish pressure in other to hit the nearest resistance level of $25,000. However, this psychological barrier may be closely followed by the resistance level of $26,000 and above.

On the contrary, the nearest support may come at $23,000, and a sustainable bearish movement can increase the downside pressure and bring the price to the support level of $21,000 and below. Considering that the technical indicator Relative Strength Index (14) on a 4-hour chart is starting to revert to the upside as traders might expect that the bull’s case scenario may come to play.

Bitcoin Alternatives

At the time of writing, the Bitcoin price faces the upside as the king coin moves to cross into the positive side. However, if the price continues to create a bullish movement, traders may witness more of higher levels. Meanwhile, the current performance of BTC is gradual and may inspire more bullish movements. Nevertheless, FGHT is the access token of FightOut, the Web 3.0 fitness app, and gym chain that combines real-life workouts with competing in the metaverse – a global first of its kind.

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