BTC/USD Begins Technical Correction as Price Hits $27,313 Support

The Bitcoin price prediction reveals that BTC is retracing its recent losses, and it’s correcting gains and might decline towards the $27,000 support.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $28,238
Bitcoin market cap – $542.6 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $34,000, $36,000, $38,000

Support Levels: $24,000, $22,000, $20,000

BTC/USD begins a steady increase above the resistance level of $28,300 as the king coin touches the daily high at $28,653 level and settled above the 9-day and 21-day moving averages. The bulls may continue to find some resistance levels above the upper boundary of the channel on the road to recovery.

Bitcoin Price Prediction: BTC Price May Create More Gains

The Bitcoin price touches the daily low of $27,313, which is below the opening price of today. The king coin is likely to face the resistance level of $29,000 by looking forward to reclaiming the resistance level of $28,600. Besides, there was a break below a major bullish trend line with support near $27,500 on the daily chart of the BTC/USD pair. Nevertheless, the Bitcoin price is still hovering above $28,200 and the 9-day and 21-day moving averages.

Meanwhile, the technical indicator Relative Strength Index (14) is moving within the overbought region, indicating a bullish movement. Therefore, if the Bitcoin price crosses above the upper boundary of the channel, it could hit the resistance levels of $24,000, $26,000, and $28,000, but any movement below the moving averages could hit the supports at $24,000, $22,000, and $20,000.

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

According to the 4-hour chart, the Bitcoin price may head to the downside as the technical indicator Relative Strength Index (14) faces the 60-level. On the upside, if the Bitcoin price stays above the 9-day moving average in the short term, bullish influence could spike, and the accrued gains massively.

However, the current candle may target the support level at $25,000 and below, but the best the bulls can do is to hold the current market value of $28,200 and keep their attention on breaking the potential resistance at $32,000 and above.

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