Bitcoin (BTC) Takes Support from $23,881 as Tamadoge Heads to the North
The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move above the $25,000 level.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $24,248
Bitcoin market cap – $462.8 billion
Bitcoin circulating supply – 19.1 million
Bitcoin total supply – 19.1 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $32,000, $34,000, $36,000
Support Levels: $20,000, $18,000, $16,000
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BTC/USD is trading around $24,248 with a 0.28% loss after touching the daily high of $25,214. Looking at the daily chart, the Bitcoin price could struggle to stay above the 9-day and 21-day moving averages, but for BTC/USD to remain above this barrier, it could make many traders feel that the $24,000 support level could be pretty strong.
Would Bitcoin (BTC) and Tamadoge (TAMA) Break Higher?
The Bitcoin price may not drop much, but if the first digital coin breaks below the 9-day and 21-day moving averages, it could change the direction of the coin to face the lower boundary of the channel as Tamadoge remains bullish. Alternatively, Bitcoin (BTC) may reclaim the previous resistance level of $25,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $32,000, $34,000, and $36,000 respectively.
However, the technical indicator Relative Strength Index (14) is moving around 60-level as the coin may consolidate around this level, but this could mean that there may still be a room that could be explored by the bears if it crosses below this level. Therefore, the support levels of $20,000, $18,000, and $16,000 may come to focus.
BTC/USD Medium-term Trend: Ranging (4H Chart)
According to the 4-hour chart, the technical indicator Relative Strength Index (14) is moving around the 50-level, this may confirm the sideway movement if it continues to move in the same direction. On the contrary, there is a little bit of bearish divergence on the chart as the 9-day MA is about to cross below the 21-day MA.
However, if the Bitcoin price breaks toward the lower boundary of the channel, the market price may likely reach support at $23,000 and below. Meanwhile, if the current market value rises and crosses above the moving averages, it may reach the resistance level at $25,500 and above.
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