• Bitcoin price prediction gains 2.37% as bulls take control of the market
• Bitcoin price is now at $23,208, with a market cap of $445 billion and a circulating supply of 19.2 million
• For the Bitcoin price to break above the $25,000 resistance level, the bulls must continue the upward movement above the 9-day and 21-day moving averages
As the crypto market continues to evolve, the Bitcoin price prediction is showing an upward trend. Over the past few days, the Bitcoin price has been steadily increasing, and it is currently trading at the $23,208 resistance level above the 9-day and 21-day moving averages. This comes after the king coin touched the daily high at $23,375, which is a 2.37% gain from the opening price of $22,671.
The bulls are working hard to nurture a bullish trend, and if they can continue the upward movement above the 9-day and 21-day moving averages, then the Bitcoin price could break above the resistance level of $25,000. The purpose of this movement is to provide a resistance level that is above the upper boundary of the channel as the technical indicator Relative Strength Index (14) keeps moving within the overbought region.
However, there is a chance of a quick retracement or sell-off should the Bitcoin price fail to break above the resistance level. This could be a result of selling pressure from the bears, as well as profit-taking from the bulls. To avoid this, the bulls must strengthen their position and continue to push the price higher.
In conclusion, the Bitcoin price prediction is showing a bullish trend, and if the bulls continue to take control of the market, then there is a possibility of the price reaching the resistance level of $25,000. However, if the Bitcoin price fails to break above the resistance level, then there could be a quick retracement or sell-off.