Bitcoin Price Prediction for Today, January 24: BTC/USD Reclaims $23,000 Level

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The Bitcoin price prediction revisits the resistance level of $23,000 as the king coin targets a $24,000 high.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $23,012
  • Bitcoin market cap – $443.7 billion
  • Bitcoin circulating supply – 19.2 million
  • Bitcoin total supply – 19.2 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $27,000, $28,000, $29,000

Support Levels: $20,000, $19,000, $18,000

BTC/USD is recovering towards the upside as the first digital asset touches the resistance level of $23,165. For the past few days, the Bitcoin price has been facing the upside to the extent of crossing above the upper boundary of the channel.

Bitcoin Price Prediction: Would BTC Increase the Upward Movement?

At the moment, traders could see that the Bitcoin price is heading toward the north as the 9-day MA trend line is moving above the 21-day MA preparing to create more upsides. However, the technical indicator Relative Strength Index (14) is hovering within the overbought region in an attempt to retain the bullish movement.

Meanwhile, a clear break above the resistance level of $24,000 could set the pace for a larger increase to $27,000, $28,000, and $29,000 resistance levels. Moreover, should the Bitcoin price fail to clear the resistance level of $23,000, it could experience a new decline towards the lower boundary of the channel. Therefore, if there is a downside break below the 21-day moving average, the price could hit the support levels of $20,000, $19,000, and $18,000.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, BTC/USD keeps moving sideways as the market shows a sign of a bullish movement. However, following the recent rebound at $22,783 which is now a key support level, the king coin is expected to stay above the 9-day and 21-day moving averages as any bearish movement below this barrier could locate the support level at $21,500 and below.

BTCUSD – 4-Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may continue the bullish movement above the resistance level of $23,000. A climb above this level may further push the king coin to the resistance level of $24,500 and above. As it is now, it seems the bulls may return to the market as the Relative Strength Index (14) remains above the 60-level.

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