Can the Bulls Push BTC Price to $17,000 in a Lethargic Backdrop?

Bitcoin is trading at $16,545.35 with a 24-hour trading volume of $32,111,031,038, according to CoinMarketCap, as of press time. Bitcoin dropped in price by 1.12% in the last 24 hours.

Notably, during the intraday trading, BTC set a 24-hour high of $16,709 and a low of $16,501. Within the last 24 hours, the price of BTC has been fluctuating in a small range and moving sideways.

Moreover, BTC is very close to the support level 1 denoted in the chart, which is around $16,400. BTC will try to target Resistance level 1, which is around $17,000. However, with the 50-day MA being positioned parallel to the horizontal, the bulls may need some excessive force to help BTC reach Resistance 1.

On the other hand, if the bears dominate the market, then BTC would be looking to land at Support 1 which is around $16,390. However, if the bears take total control then the price of BTC would be targeting at Support level 2.

Additionally, the Bollinger bands are contracting indicating that there will be less volatility in prices and there will be more movement sideways. The upper Bollinger band is at $16,697 while the lower band is at $16,445. At press time the price of BTC is touching the lower band indicating a reversal in trend.

Bitcoin to USD Chart 1-hour Chart on CoinMarketCap

Currently, Bitcoin (BTC) has a circulating supply of 19,209,806 BTC and a maximum supply of 21,000,000 BTC coins.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source