BTC/USD Looks For A Direction; Will $18k Come to Focus?

On Jan 10, 2023

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The Bitcoin price prediction gains 0.24% as bulls keep working hard to nurture a bullish trend above the moving averages.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $17,219
Bitcoin market cap – $333.9 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: $19,000, $21,000, $23,000

Support Levels: $16,000, $14,000, $12,000

BTC/USD is hovering at the $17,219 resistance level as the market price stay above the 9-day and 21-day moving averages, indicating a bullish movement. For the past few days, the Bitcoin price has been following the bullish movement and in the context of the Bitcoin exchange rate forecast; an application of $18,000 resistance is expected.

Bitcoin Price Prediction: Will BTC Break Above $18,000 Level?

Looking at the daily chart, if the Bitcoin price can move near the upper boundary of the channel, it is likely for the market price to touch the potential resistance level of $18,000 level. This is where traders should expect buyers to fight for a further rise in the market so that the king coin can create additional gains. Meanwhile, looking at the market movement, there is likely that the Bitcoin price could experience a quick retracement or sell-off just in case it touches the crucial support level of $17,000 but if not; traders may see the coin breaking above the upper boundary of the channel to push higher.

Therefore, any further bullish movement could hit the resistance levels of $19,000, $21,000, and $23,000 respectively. On the downside, if the market price slides below the moving averages, BTC/USD could head toward 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 $16,000, $14,000, and $12,000. As revealed by the technical indicator, the market may gain more if the Relative Strength Index (14) crosses above the 60-level.

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. Meanwhile, if the selling pressure exists and the coin couldn’t follow the upward movement, $17,000 and below may come into play.

BTCUSD – 4-Hour Chart

On the other hand, if the buyers keep the price above the 9-day and 21-day moving averages, traders may expect a strong bullish movement above the channel that could hit the resistance at $17,500 and above. Meanwhile, the technical indicator Relative Strength Index (14) is hovering below the 70-level, suggesting that the market price could fall.

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