Bitcoin Price Bounces Off Support as it Nears $18K Resistance


• Bitcoin price prediction shows that BTC bounces off the support at $17,326 as the coin moves close to the resistance level of $17,500 within the channel.
• If BTC/USD breaks above the upper boundary of the channel, it could touch the nearest resistance level of $18,500.
• The king coin needs to claim this important resistance level to head to the upside and if this happens, the Bitcoin price could hit the $18,000 level.

The Bitcoin price prediction indicates that BTC is currently trading around $17,326 with a 0.67% loss as the coin touches the daily low at $17,326. According to the daily chart, the Bitcoin price may continue to fight to stay above the important resistance level of $17,000 as it could move near the upper boundary of the channel. If BTC/USD breaks above the upper boundary of the channel, it could touch the nearest resistance level of $18,500.

Moreover, the king coin needs to claim this important resistance level to head to the upside and if this happens, the Bitcoin price could hit the $18,000 level. The Relative Strength Index (14) shows that the signal line is likely to move towards the overbought zone, which indicates that the market is in a bullish condition.

On the downside, if the Bitcoin price fails to stay above the $17,000 support level, it could test the supports at $16,000, $14,000, and $12,000. Meanwhile, the MACD line is seen moving above the signal line, indicating a bullish trend for the coin in the short-term. Moreover, the 9-day and 21-day moving averages are also seen above the price bars, suggesting that the buyers are in control of the market.