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

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.

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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