BTC/USD Touches $17,000; Bulls May Blow Hot

With Bitcoin price prediction shooting above $17,000 now, it is doing a little to flip the market sentiment at this stage.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,976
Bitcoin market cap – $326.1 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

Looking at the daily chart, BTC/USD is correcting gains from $16,398.22 and begins to start a new increase towards the 9-day and 21-day moving averages. During the European session today, the Bitcoin price begins a steady increase above the $17,000 resistance level as the coin touches the daily high at $17,060. Now, BTC/USD is likely to settle towards the upper boundary of the channel.

Bitcoin Price Prediction: Would BTC Price Move Higher?

The Bitcoin price is seen retracing and trading to cross above the 9-day and 21-day moving averages as the market price crosses above the $17,000 resistance which is a sign of bullish momentum. Further increase in the bullish momentum may have to increase the price above this level; another resistance may come at $18,000 before reaching the potential resistance levels of $20,000, $22,000, and $24,000 respectively.

However, if the resistance level of $17,500 failed to hold, it may reverse and face the support level at $16,000; further, an increase in the bears’ pressure may bring down the price below the moving averages and possibly hit the critical supports at $14,000, $12,000, and $10,000. Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above the 50-level, to increase the buy signals.

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

According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $17,001. However, at the time of writing, BTC/USD is trading towards the upper boundary of the channel but any bearish movement below the lower boundary of the channel could drag the coin to the support at $16,000 and below.

Meanwhile, if Bitcoin (BTC) finds a decent resistance level above the $17,500 level, it could increase the bullish movement which may likely push the price to the resistance level of $18,000 and above. On that note, the technical indicator Relative Strength Index (14) is seen moving to cross above the 60-level, suggesting additional bullish signals into the market.

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