Will Bitcoin Reach and Break the Previous Resistance of $24,000?

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  • BTC price prediction ranges from $20,494 to $24,260.
  • The price of the coin increased by 1.73% within 24 hours.
  • BTC’s bearish market price prediction is $19.360.

Having the most prominent market capitalization, the crypto king, Bitcoin, has been showing bullish signs for the past 3 days. According to CoinMarketCap, the Bitcoin price went as low as $18,702.59 and as high as $22,206.37 during the past week.

BTC/USDT 1-Hour Chart (Source: TradingView)

The above 1-hour BTC/USDT chart shows that Bitcoin is now clearly trading above the 200 MA, indicating an uptrend. Another buy order block is found at $21,260, meaning more traders are buying Bitcoin at that price. The RSI value of BTC/USDT lies around 54.08. An RSI value above 50 means that the number of buyers in the market currently exceeds the number of sellers.

BTC/USDT 1-Hour Chart (Source: TradingView)

Bitcoin price has been trading inside an ascending channel for almost 3 days. We cannot foresee when it will break out of the channel. Therefore, there are 2 possible scenarios whether it will break out of the upper part of the channel and go bullish or break the lower part and go bearish.

The possible bullish zone to reach for Bitcoin is around $24,260, while the potential bearish zone lies around $20,494. If the price breaks that first bearish zone, the bitcoin price can go as low as $19,360.

According to CoinMarketCap, Bitcoin is currently trading at $21,714.51, with 19,148,418 BTC in circulation. BTC has a 24-hour trading volume of $40,348,448,246.63, with an increase in trading volume of 17.52%. During the last 24 hours, BTC showed a price surge of 1.73%.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.