BTC/USD Eyes Upside Break Above $17,000

The Bitcoin price prediction is showing positive signs, and it is likely to accelerate further higher in the near term.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,833
Bitcoin market cap – $323.9 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: $20,000, $22,000, $24,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD is attempting an upside break above $17,000 and it could start a steady recovery if it clears the $17,000 and $17,200 resistance levels. The king coin is likely to cross above the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Where Could Bitcoin Price Go Next?

At the moment, the Bitcoin price is likely to move towards the upper boundary of the channel as the price could establish a new bullish signal. At the moment, one could say that the long-term outlook could favor the bulls, which may hit the potential resistance levels at $20,000, $22,000, and $24,000 respectively.

However, any drop from the current level could lead to declines in the critical support below the 9-day and 21-day moving averages. However, in case BTC drops and touches the low of $16,500 support, then the coin can rely on the long-term support levels at $14,000, $12,000, and $10,000. Moreover, the technical indicator Relative Strength Index (14) is likely to cross above the 50-level, which could indicate more bullish signals.

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

According to the 4-hour chart, the Bitcoin price is seen hovering above the 9-day and 21-day moving averages at $16,832. However, the king coin may need to cross above the upper boundary of the channel to reach the resistance level of $17,000. Moreover, BTC/USD could maintain its bull run above this level. The technical indicator Relative Strength Index (14) is likely to cross below the 50-level.

However, BTC may take a downward move if the bulls failed to push the price higher, and the coin may breach below the 9-day and 21-day moving averages, which could reach another support at $16,200 and below. Nevertheless, if the bulls find a decent resistance level of around $17,000, the coin may move bullishly above the channel to hit the resistance level of $17,500 and above.

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