Bitcoin (BTC) is falling this Monday (23), running the risk of falling below the US$ 96 thousand level.
With a daily devaluation of 0.5%, the world's largest cryptocurrency appears to have finally consolidated the $100,000 level as resistance. With that in mind, here's what could come next for BTC.
Bitcoin confirms channel breakout
Bitcoin has broken out of a rising parallel channel that had been in place since the second week of November, with the sharp double-digit drop recorded last week. In this sense, it is worth noting that the price of the cryptocurrency rose to test the support line of this chart pattern as a new resistance, and was successful in doing so.
Bitcoin (BTC) Chart on TradingView
It is worth noting that the price has currently been respecting the lower band of the Bollinger Bands as support. However, it is possible that this support will not remain intact for long. This is because the Relative Strength Index (RSI) is below 50, which shows that buyers are in control of the trend.
This way, BTC could seek its next bottoms at $91,600 and $87,400. On the other hand, if buyers manage to keep the price above $94,000, it is possible that there will be a new bounce towards the channel’s support line – currently at $99,700. This level coincides with the upper band of the Bollinger Bands, which further reinforces its importance.
In this sense, the 1-hour chart shows that this bounce is possible. This is because the RSI at this time is above the neutral line of 50, which shows strength from buyers. In addition, the 9-period exponential moving average (EMA) (blue) is close to crossing above the 21-period EMA (orange).
Bitcoin (BTC) Chart on TradingView
If this crossover is confirmed, it would indicate that the short-term trend has turned bullish.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
