• Bitcoin price prediction shows BTC attempting an upside break above $17,000.
• Selling pressure is seen around $16,829, which is preventing any major gains.
• Bitcoin price may likely slide below the 9-day and 21-day moving averages.
The Bitcoin price prediction shows that the king coin is still striving to break past the $17,000 level as it currently sits just below the $16,967 mark. BTC has run into some selling pressure at the $16,829 level, which is preventing it from making any major moves. The bears are trying to defend against a break above the 9-day and 21-day moving averages, and until the bulls can keep the price above this barrier, the Bitcoin price may remain range-bound.
However, the Bitcoin price could gain some bullish momentum if there is a daily close above the $17,000 and $17,200 resistance levels. If this does not happen, the Bitcoin price may continue to face a prolonged sideways movement or even a downward trend. In this case, the price could potentially drop below the $16,500 mark, as well as the 9-day and 21-day moving averages. If that were to happen, then $14,000, $12,000, and $10,000 would serve as the key support levels.
On the other hand, if the bulls are able to break the resistance levels, then Bitcoin may have the potential to reach a new all-time high. In this case, the $21,000, $23,000, and $25,000 levels could become the next main resistance levels. At the same time, the RSI is currently hovering around the 50 level, indicating that the market is in a balanced state.
Overall, traders should be patient and wait for a clear sign of a trend before entering into any trades. As of now, the Bitcoin price is still in a period of consolidation and a break either way could determine the direction of the market in the near future.