• The Bitcoin price prediction reveals that BTC is yet to gain strength above the resistance level of $25,000 as the coin ranges.
• Bitcoin could start another decline if bulls fail to push the coin up, and it may head towards lower boundary of the channel.
• If buyers can reinforce their power, Bitcoin could move above the upper boundary of the channel and reach resistance levels of $28,000-$30,000.
Bitcoin Price Prediction
The Bitcoin price prediction shows that BTC is still struggling to break past the resistance level of $25,000 as it currently ranges. If bulls fail to push it higher, then a further decline may be experienced with major supports at $21,000-$19,000 coming into play.
Technical Indicator Analysis
The Relative Strength Index (14) suggests sideways movement for BTC/USD as it hovers around the 40-level. If buyers are able to reinforce their power and drive prices upwards, then a break above the upper boundary of the channel could occur with potential resistance levels seen at $28,000-$30,000.
In summary; Bitcoin (BTC) is currently hovering around its 9-day moving average and range-bound within its channel on 4-hour chart. If selling pressure increases then major supports at $21,00-$19,00 may come into play while a bullish outlook would target potential resistance levels at $28k-$30k should buyers gain enough momentum to push prices upwards.
Overall; traders should continue monitoring technical indicators and watch out for any signs of either a bearish or bullish breakout from this current range-bound market condition before taking any decisive positions in order to maximize profits from this volatile asset class.