BTC/USD Sticks in a Tight Range Below $17,000

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The Bitcoin price prediction shows that BTC is still in a tight range as the market sentiment declines from optimistic to bearish.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $16,803
Bitcoin market cap – $325 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: $20,000, $22,000 $24,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD is likely to face a setback as the king coin moves to cross below the 9-day and 21-day moving averages. The Bitcoin price is likely to have a bearish run in the short term as the technical indicators confirmed. Currently, Bitcoin (BTC) is trading around the $16,803 level after a free fall from $16,890 during the European session today.

Bitcoin Price Prediction: Bitcoin (BTC) May Head to the Downside

Looking at the daily chart, the Bitcoin price is moving sideways as the sellers brace for a possible impact within the market. However, if the price slumps below the support level of $16,000, the king coin is likely to gain more downtrends, any further bearish movement could locate the supports at $14,000, $12,000, and $10,000, which could cause the Bitcoin (BTC) to fall even further.

On that note, the technical indicator Relative Strength Index (14) is moving below the 50-level while the trading volume could be in support of the bears. However, if the bulls decide to push the price above the 9-day moving average, BTC/USD may likely head toward the upper boundary of the channel to locate the resistance levels at $20,000, $22,000, and $24,000 respectively.

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

On the 4-Hour chart, the Bitcoin price keeps moving within the 9-day and 21-day moving averages, and the immediate support lies at the $16,500 level. However, the price may cross below the lower boundary of the channel if the bears stepped back into the market.

BTCUSD – 4-Hour Chart

Nonetheless, any further bearish movement could test the critical support at the $16,300 level and below, while the resistance could be located above the 21-day moving average at the resistance level of $17,500 and above. Meanwhile, the Bitcoin price is currently moving sideways as the technical indicator Relative Strength Index (14) remains below the 50-level.

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