BTC/USD Looks For A Direction; Will $24k Come to Focus?

On Jan 26, 2023

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The Bitcoin price prediction gains 0.49% as bulls keep working hard to nurture a bullish trend above the upper boundary of the channel.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $23,175
Bitcoin market cap – $445.2 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $26,000, $28,000, $30,000

Support Levels: $20,000, $18,000, $16,000

BTC/USD is hovering at the $23,175 resistance level as the market price is above the 9-day and 21-day moving averages, indicating a bullish movement. For the past few days, the Bitcoin price has been moving sideways and in the context of the Bitcoin exchange rate forecast; an application of $24,000 resistance is expected.

Bitcoin Price Prediction: Will BTC Break Above $24,000 Level or Reverse?

If the Bitcoin price crosses above the upper boundary of the channel, it is likely for the market price to touch the $24,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and further development of the bullish trend. Meanwhile, looking at the market movement, there is likely that the Bitcoin price may experience a quick retracement or sell-off just in case it touches the crucial $22,000 support level.

However, any further bullish movement could hit the resistance level of $26,000, $28,000, and $30,000 respectively. On the downside, if the market decides to cross below $22,000 support, BTC/USD could head towards the lower boundary of the channel, and if that support fails to hold the sell-off, the Bitcoin price could see a further decline toward the support levels of $20,000, $18,000, and $16,000. As revealed by the technical indicator, the market may gain more if the Relative Strength Index (14) remains within the overbought region.

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

On the 4-hour chart, traders expect the coin to gain the lost momentum so that it could move toward the upper boundary of the channel. On the contrary, if the selling pressure still exists and holds the coin does not follow the upward movement, $22,000 and below may come into play.

BTCUSD – 4-Hour Chart

However, in as much as the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement that could hit the resistance at $24,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is moving above the 60-level, suggesting that more bullish signals may play out.

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