BTC Could Reach $20,000 Level; Dips Likely to Surface

After touching the daily high of $21,450, the Bitcoin price prediction shows that BTC could begin a downside correction.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $21,309
• Bitcoin market cap – $406.5 billion
• Bitcoin circulating supply – 19.1 million
• Bitcoin total supply – 19.1 million
• Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $30,000, $32,000, $34,000

Support Levels: $15,000, $13,000, $11,000

BTC/USD is moving sideways around the resistance level of $21,309 as buying pressure cooled off. The market price is hovering below the 9-day and 21-day moving averages to form a low at near $21,000 before stabilizing. As of now, BTC/USD is yet to cross above the 9-day moving average but it is up by 0.23%.

Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)

The Bitcoin price prediction is presently ranging. A decisive breakout below $21,000 support may intensify selling pressure. Therefore, if bears push the market price downwards, the consolidation may turn into a bear run. The current sideways movement is likely to continue in the next few days, but the next hurdle for the king coin could emerge at $25,000, but it won’t stop the higher price movements.

However, the technical indicator Relative Strength Index (14) is below the 50-level, a reversal is possible but only if the resistance at $24,000 is reclaimed. The persistence trade above this level may technically push the coin to the resistance levels of $30,000, $32,000, and $34,000 while the supports lie at $15,000, $13,000, and $11,000.

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

Bitcoin (BTC) has not yet slipped below $21,000 since the beginning of today, but the coin is in the loop of making a bounce back. The Bitcoin price hovers within the 9-day and 21-day moving averages and may likely take time to trade above $23,000. At the moment, the Bitcoin price is currently moving around the $21,290 level.

However, if the bulls energize the market, the price may likely test the resistance levels of $23,500 and above. In other words, if the bears should drag it downward, then the support levels of $19,500 and below may be visited as the Relative Strength Index (14) moves above 40-level, indicating a bearish signal.

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