BTC/USD Rises Above $23,000 as Bulls Take Control

On Jan 21, 2023

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The Bitcoin price prediction gains 2.37% as bulls keep working hard to nurture a bullish trend from the opening price of $22,671.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $23,208
Bitcoin market cap – $445 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $27,000, $29,000, $31,000

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

BTC/USD is trading at the $23,208 resistance level above the 9-day and 21-day moving averages after the king coin touches the daily high at $23,375. Since the past few days, the Bitcoin price has been towards the north, and in the context of this; an upward movement toward the resistance level of $25,000 is expected.

Bitcoin Price Prediction: Will BTC Break Above $25k Level?

If the Bitcoin price can continue the upward movement above the 9-day and 21-day moving averages, it is likely for the market price to touch the resistance level of $25,000. However, the purpose of this movement is to provide a resistance level that is above the upper boundary of the channel as the technical indicator Relative Strength Index (14) keeps moving within the overbought region.

Looking at the daily chart, BTC/USD may experience a quick retracement or sell-off just in case it touches the support level of $22,000 but if not; traders may see additional resistance at $27,000, $29,000, and $31,000 levels. On the downside, if the market decides to fall, the Bitcoin price could fall below the 9-day moving average, and if that barrier fails to hold the sell-off, BTC/USD could see a further decline towards the support levels of $20,000, $18,000, and $16,000.

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

On the 4-hour chart, traders expect the coin to gain the lost momentum and could trade above $24,000. On the contrary, if the selling pressure still exists and holds the king coin not to be able to move towards the upper boundary of the channel, the $21,000 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 $26,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) remains at the overbought region, suggesting that more bullish signals may come into play.

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