BTC/USD Could Hit $22,000 Level

On Jan 17, 2023

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The Bitcoin price prediction shows that BTC bounces off the support at $20,800 as the coin moves close to the resistance level of $21,500.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $21,185
Bitcoin market cap – $408.9 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: $25,000, $27,000, $29,000

Support Levels: $18,000, $16,000, $14,000

BTC/USD is currently trading around $21,185 with a 0.01% loss after touching the daily high at $21,300. The Bitcoin price may fight to stay above the important level of $21,500 as it could cross above the upper boundary of the channel. However, for the Bitcoin price to remain above this barrier, the bulls may need to make the $21,000 support level to be strong.

Bitcoin Price Prediction: Bitcoin (BTC) May Revisit the Upside

At the time of writing, the Bitcoin price is seen moving above the 9-day and 21-day moving averages, and if it breaks above this barrier, the market price could touch the nearest resistance level of $22,000. However, the king coin needs to claim this important resistance level to head to the upside. Otherwise, the supports at $18,000, $16,000, and $14,000 may likely come to focus.

Nevertheless, the Relative Strength Index (14) is likely to remain within the overbought region, but the recovery may not come easy, and traders must be aware that support will have to be sort above $21,000 before heading to the resistance levels at $25,000, $27,000, and $29,000.

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

On the 4-hour chart, the technical indicator Relative Strength Index (14) moves to cross below the 70-level and could rise to the north of the bulls and step back into the market. According to the chart, there is a little bullish movement within the market as the technical indicator could face the upside.

BTCUSD – 4-Hour Chart

Moreover, if the Bitcoin price moves up and breaks toward the upper boundary of the channel, the market price could reach the potential resistance at $23,000 and above. On the contrary, if the current market value drops below the lower boundary of the channel, it may touch the support at $19,500 and below.

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