• Bitcoin price is currently consolidating and is preparing for the next move above the resistance level of $17,000.
• Bitcoin (BTC) could break to the upside and reach the $18,000 level, but this is looking less and less likely with each failed breakout attempt.
• The first level of support could be located around $16,500, with further support levels at $14,000, $12,000, and $10,000.
The Bitcoin price prediction is currently undergoing some consolidation, making it difficult to predict the next move. Bitcoin (BTC) has been struggling to break through the resistance level of $17,000, with the Relative Strength Index (RSI) showing a movement around the 50-level. This indicates that the market is in a state of uncertainty and is waiting to see which direction the price will take.
At the moment, the first level of support could be located around $16,500. If the price falls further, there are additional support levels at $14,000, $12,000, and $10,000. On the other hand, a break above the upper boundary of the channel could set the price of Bitcoin up to reach the $18,000 level. However, each failed attempt at breaking through the resistance level is making it increasingly unlikely that the price will reach this level in the near future.
The Bitcoin market cap stands at $324 billion, with a circulating supply of 19.2 million. The king coin is currently ranked number one on Coinmarketcap, and is currently trading at $16,820. This is a slight decrease from the daily high of $17,154, which was reached on the 4th of January.
Overall, the Bitcoin price prediction is currently uncertain and it remains to be seen which direction the price will take. With the current consolidation pattern, it could take some time before the price breaks either to the upside or downside, and traders should exercise caution and use appropriate risk management strategies when trading.