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The Bitcoin price forecast shows that BTC is at risk of further weakness before a new rally towards $25,000.
Bitcoin Forecast Statistics Information:
- Bitcoin price now – $23,143
- Bitcoin market value – 444.9 billion dollars
- Bitcoin transfer supply – 19.2 million
- Total supply of Bitcoin – 19.2 million
- Bitcoin Coinmarketcap Rank – #1
BTC/USD Long Term Trend: Level (Daily Chart)
Key steps:
Resistance levels: $27,000, $28,000, $29,000
Support Levels: $20,000, $19,000, $18,000
BTC/USD will start to decline as the king coin moves towards the $23,000 support level and settles below the 9-day and 21-day moving averages. The bears may continue to find some support levels below the moving average on the way to the lower border of the channel.
Bitcoin Price Prediction: BTC price will continue to move down
Bitcoin price touched a daily low of $23,012, below the opening price of $23,329. The king coin may face the $25,000 resistance level while looking forward to return to the $24,000 resistance level. Additionally, there was a break below a major bullish trendline with support near $23,500 on the daily chart of the BTC/USD pair. Nevertheless, Bitcoin price is still hovering above $23,000 and within the 9-day and 21-day moving averages.
Meanwhile, the technical indicator Relative Strength Index (14) is moving below the 70-level, indicating bearish activity. Therefore, if Bitcoin price meets the upper border of the channel, it may hit the $27,000, $28,000 and $29,000 resistance levels, but any move below the 21-day moving average may hit the supports at $20,000, $19,000 and $18,000.
BTC/USD Medium Term Trend: Level (4H Chart)
According to the 4-hour chart, the technical indicator Relative Strength Index (14) slips below the 40-level, thus Bitcoin price is headed lower. On the flip side, if the price of Bitcoin crosses above the 9-day and 21-day moving averages in a short period of time, the bullish effect may increase, and the accumulated profits will be higher.
However, the current candle may target the support level at $22,300 and below, but the best the bulls can do is to hold the current market price of $23,099 and focus on breaking the potential resistance at $24,000 and above.
Bitcoin options
Bitcoin price may attempt a new rally above the $24,000 protection zone and a clear move above this level could send the price higher. Meanwhile, the MEMAG token is moving fast as it has raised more than $2.7 million in the presale so far. The world of crypto is buzzing with excitement over a new crypto game project from Web3’s premier mobile gaming platform.
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