• Bitcoin’s price prediction is looking bullish and is currently testing the resistance level of $23,000.
• If the Bitcoin price breaks above the resistance level of $24,000, it could set the pace for a larger increase to $27,000, $28,000, and $29,000 resistance levels.
• A failure to clear the resistance level of $23,000 could push the Bitcoin price to experience a new decline to $20,000, $19,000, and $18,000 support levels.
The king of cryptocurrencies, Bitcoin, is on a bullish run as the Bitcoin price prediction revisits the resistance level of $23,000. The Bitcoin market cap has reached an all-time high of $443.7 billion, with a circulating supply of 19.2 million and a total supply of 19.2 million. Bitcoin has been facing an upward momentum as the 9-day moving average trend line is moving above the 21-day moving average in preparation for a bullish run.
The technical indicator Relative Strength Index (14) is hovering within the overbought region in an attempt to retain the bullish movement. If the Bitcoin price breaks above the resistance level of $24,000, it could set the pace for a larger increase to $27,000, $28,000, and $29,000 resistance levels. On the other hand, if the Bitcoin price fails to clear the resistance level of $23,000, it could experience a new decline to $20,000, $19,000, and $18,000 support levels.
A successful break of the $24,000 resistance could open up a new window of opportunity for Bitcoin to reach its all-time high of $20,000. This could be the first sign of a new bull run in the market. However, it is important to note that the Bitcoin price could be subject to short-term corrections, which could lead to a retracement of the king coin back to the $20,000 level.
Traders and investors should be cautious and prudent in their trading decisions as the Bitcoin market is unpredictable and volatile. They should always use stop loss and limit orders to safeguard their trading capital. Additionally, they should monitor the market closely and be aware of the latest news and developments that could affect the price of Bitcoin.