BTC/USD Consolidates Around $16,938; Will Price Set to $17k?

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The Bitcoin price prediction shows that BTC may face down but consolidation is likely to continue around between $16,500 and $17,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,938
Bitcoin market cap – $326.3 billion
Bitcoin circulating supply – 19.2 billion
Bitcoin total supply – 19.2 billion
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

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

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

Today, BTC/USD retreats below the resistance level of $16,977. The number-one crypto is likely to face the downside as the price could cross below the 9-day and 21-day moving averages. However, the Bitcoin price did not head to the upside because of an immediate reversal. Therefore, the daily chart reveals that the market may experience a slight bearish movement.

Bitcoin Price Prediction: BTC May Range-bounds

At the time of writing, the Bitcoin price is hovering at $16,938 with a loss of 0.06% on the day. The trading is likely to continue with the sideways movement as the technical indicator Relative Strength Index (14) moves in the same direction above the 50-level. Meanwhile, the bulls may need to reclaim the resistance level of $17,000 as this would allow them to focus on higher levels towards $18,000. On the other side, facing the downside under the short-term support at $16,500 could easily open the way to the south.

Meanwhile, the breakdown towards $16,000 is not out of the picture because the losses in the last 24 hours may show that BTC/USD is not technically ready for the upward movement but the king coin can still make an attempt to regain ground and any bullish movement to the upside may push the coin to the resistance level of $20,000, $22,000, and $24,000 while the supports lie at $14,000, $12,000, and $10,000 respectively.

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

The Bitcoin price is hovering above the 9-day and 21-day moving averages according to the 4-hour chart. If the market price drops and crosses below the moving averages, it could reach the nearest support levels at $16,700 and below.

btcusd – 4 hour chart

Moreover, if the bulls push the coin towards the upper boundary of the channel, crossing above it could likely reach the potential resistance level of $17,200 and above. Now, the market is likely to rebound as the technical indicator Relative Strength Index (14) moves above the 65-level.

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