BTC/USD Could Turn Attractive Above $23,000

Join Our Telegram channel to stay up to date on breaking news coverage

The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move toward the $23,500 level.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $23,061
Bitcoin market cap – $443.9 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: $28,000, $30,000, $32,000

Support Levels: $20,000, $23,000, $21,000

BTC/USD is at the moment trading at $23,061 with a 0.54% gain since the beginning of today’s trading. The Bitcoin price may cross above the 9-day moving average. Moreover, for BTC/USD to remain above this barrier, it could make many traders feel that the $23,000 support level could be pretty strong.

Bitcoin Price Prediction: Would BTC Price Break Higher

The Bitcoin price could not drop much cause of today’s trading, but if the first digital coin breaks below the support level of $23,000, it could change the direction of the coin to face the lower boundary of the channel. Alternatively, Bitcoin (BTC) may reclaim the previous resistance level of $24,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $28,000, $30,000, and $32,000 respectively.

Nevertheless, the technical indicator Relative Strength Index (14) is moving above the 60-level as the coin may consolidate around this level. Moreover, this could mean that there may still be a room that could be explored by the bears if it crosses the 21-day moving average. Therefore, the support levels of $20,000, $18,000, and $16,000 may play out.

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

From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) is now recovering towards the 50-level, and this may confirm the bullish movement if it crosses above it. Meanwhile, adding to the above, there is a little bit of bullish divergence as the coin crosses above the 9-day moving average to continue the bullish movement.

BTCUSD – 4-Hour Chart

However, if the Bitcoin price breaks below the lower boundary of the channel, the market price could reach support at $22,000 and below. Meanwhile, if the current market value rises and crosses above the 21-day moving average, the Bitcoin price could hit the potential resistance level of $24,000 and above.

Bitcoin Alternatives

The Bitcoin price stays above $23k and If the price fails to continue higher, there could be a downside correction and the first key support is near the $22,500 and $22.000 levels. However, the Meta Masters Guild is at the forefront of the web3 gaming revolution, developing top-notch, blockchain-integrated mobile games. Therefore, traders are expected to be part of the future of gaming as $3.1 million has been raised in the presale so far.

Meta Masters Guild – Play and Earn Crypto

Meta Masters Guild

Innovative P2E NFT Games Library Launching in 2023
Free to Play – No Barrier to Entry
Putting the Fun Back Into Blockchain Games
Rewards, Staking, In-Game NFTs
Real-World Community of Gamers & Traders
Round One of Token Sale Live Now –

Meta Masters Guild

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

You might also like

Comments are closed.