• Bitcoin (BTC) is currently trading at $22,602 and is likely to remain in a sideways trend.
• If the price of BTC drops below the 21-day moving average, it could fall to support levels of $19,000, $17,000 and $15,000.
• On the other hand, resistance levels for BTC are located at $27,000, $29,000 and $31,000.
Bitcoin Price Prediction for Today
The Bitcoin price prediction shows that BTC is likely to cross below the 9-day moving average with the daily low at the $22,000 level. At the time of writing, the Bitcoin price is trading up with a loss of 0.15% at its current price of $22,602. However, the current market movement could mark a slight decline and any further bearish movement toward the lower of the channel may bring it to support levels of $19k -$15k while resistance levels could be located at $27k -$31k.
Bitcoin Market Statistics
Bitcoin market cap stands at 436.2 billion while circulating supply and total supply are 19.2 million each as per Coinmarketcap ranking which is #1 as per now. The technical indicator Relative Strength Index (RSI) moves above 70-level indicating an overbought situation which means there may be some downtrends in near future if it goes beyond this level.
Long-Term Trend: Ranging
The long term trend for Bitcoin is ranging on both daily chart as well as 4 hour chart where crossing below lower boundary of channel can take price towards support levels mentioned before whereas crossing above upper boundary can take prices towards resistance levels again stated earlier in article .
Medium Term Trend: Ranging
On 4 hour chart also bitcoin remains on downside due to heavy resistance at 23k level which has been unable to cross by bulls yet thus remaining in consolidation mode with bears bringing prices downward towards 21k if crosses lower boundary which again will lead prices towards support levels previously mentioned .
Conclusion
The conclusion drawn from this article regarding bitcoin’s today’s prediction states that BTC may face prolonged sideways move or head southwards if crosses below 9 day moving average , however obstacles like Resistance Levels : 27k , 29 k , 31 k should be taken into account before any decision making .