Bitcoin Price Prediction December 24

Bitcoin's price prediction keeps moving towards the north, as the king coin continues to hold its position at $51,000 despite being rejected by $51,527.

BTC/USD Long-term Trend Bearish (Daily chart)

These are the key levels

Resistance Levels: $55,000 to $57,000 and $59,000 respectively

Support Levels: $45,000, $43,000, $41,000

BTC/USD has continued to climb higher over the last hours, adding to the 0.3% gain. The coin is trading well above the 9-day, 21-day moving averages. It also continues to trade above the upper border of the channel. The cryptocurrency is trading at $51,029 as of this writing, which is the highest price since the beginning of the week. To sustain an uptrend of $52,000, strong bullish momentum will be required.

Bitcoin Price Prediction: Bitcoin (BTC), May be Ready for the Upside

The daily chart shows that Bitcoin's price is at $51,527 when the market opens today. If the bulls can push the price higher than the channel's upper limit, then the next resistance levels could be $55,000, $57,000 and $59,000. When new uptrends begin to surface traders may use the 9-day or 21-day moving averages for support.

If the bulls fail to push the price higher, the price could fall below the moving averages. A further low drive could see the price drop to $45,000, $43,000 and $41,000. The bulls dominate the market for now. The BTC/USD market may still follow an upward trend, however, because the Relative Strength Index (14), a technical indicator that measures the strength of the currency's relative to its signal line at 50 above the signal line, focuses on the north.

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

Bitcoin's price is rising, causing it to trade at $51,128 today after having touched $51,198 just a few hours earlier. The nearest resistance levels are at $53,000 and $54,000 respectively, and the nearest supports at $49,500 or $48,500, respectively.

The technical indicator remains bullish, with buy signals still flashing, even though the coin is trading above the 21-day and 9-day moving averages. As the signal line remains in the overbought area, the Relative Strength Index (14) continues to rise with the price.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Bears run out as Bulls Set Target at $52,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-bears-run-out-as-bulls-set-target-at-52000
Published Date: Fri, 24 Dec 2021 14:05:02 +0000