• Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $17,000.
• Bitcoin (BTC) begins the day off by trending toward the north only to roll over and fall lower to touch the daily low at $16,778.
• Bitcoin price could break to the upside but it could take a little time before this comes to play.
The Bitcoin price is currently in a period of consolidation as the cryptocurrency market waits for the next major move. Bitcoin (BTC) began the day off trending toward the north, before rolling over and falling lower to touch the daily low at $16,778. This indicates that Bitcoin may have a difficult time breaking above the current resistance level of $17,000.
The first level of support for the Bitcoin price could be located around the $16,500 level. Beneath this, support lies at the $14,000, $12,000, and $10,000 levels. If the Bitcoin price is able to break above the upper boundary of its current channel, it may be able to reach the $18,000 level. However, this has become less likely with each failed breakout attempt, as the Relative Strength Index (14) hovers around the 50-level.
In order for the Bitcoin price to break above the $17,000 resistance level, the bulls will need to take control of the market and gain enough momentum to push the crypto past the resistance. The crypto market will remain volatile in the short-term, and investors should remain cautious when entering the market. However, the long-term prospects for Bitcoin remain strong, and the current consolidation period could be the precursor to a larger rally in the coming weeks and months.