BTC/USD Could Touch $22,000 Level as Dips Likely to Play Out

After touching the daily high of $21,378, the Bitcoin price prediction shows that BTC could begin a downside correction.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $21,217
Bitcoin market cap – $412.7 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: $24,000, $26,000, $28,000

Support Levels: $19,000, $17,000, $15,000

BTC/USD is yet to hit the potential resistance level of $22,000 level as buying pressure cooled off. The market price is hovering around $21,217 to form a low near $21,000 before stabilizing. As of now, the Bitcoin price is yet to cross above the upper boundary of the channel but it is up by 0.38%.

Bitcoin Price Prediction: Will BTC Soar Higher Again?

After a strong week for BTC/USD and many other leading cryptos, traders are now on the lookout for indicators of what could spark the next bull run. The Bitcoin price is likely to face sideways movement, but a decisive breakout below $21,000 support could intensify selling pressure. However, if bears push the market price downwards, the consolidation may turn into a bear run.

Therefore, the current sideways movement according to the technical indicator is likely to continue, but the next hurdle for the king coin could emerge at $22,000. However, the technical indicator Relative Strength Index (14) is within the overbought region, a reversal is possible but only if the resistance at $21,500 is reclaimed. Meanwhile, the persistence trade above this level may technically push the coin to the resistance levels of $24,000, $26,000, and $28,000 while the supports lie at $19,000, $17,000, and $15,000.

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

Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $21,000 but the price is in the loop of making a bounce back. At the moment, BTC/USD hovers within the 9-day and 21-day moving averages trading around $21,362.94. Therefore, it could take time to cross above the upper boundary of the channel.

However, if the bulls energize the market, the price could test the resistance level of $23,000 and above. In other words, if bears should hold the price, and drag it downward, then the support level of $20,000 and below may be visited as the Relative Strength Index (14) moves to cross above the 70-level, indicating additional bullish movement.

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