Bitcoin Price Prediction: BTC’s next stop is $22,000 if...

Bitcoin price retests the $20,970 support level, hinting at a reset before the next leg.
If the existing support structure holds, investors can expect BTC to trigger a run-up beyond $22,000.
A daily candlestick close below $20,742 will invalidate this short-term bullish structure and forecast losses.

Bitcoin price shows a clear retest of the immediate support level, allowing buyers to regroup and prepare for the next leg. This development has bullish implications, especially if the current foothold does not give in.

Bitcoin price eyes a higher level

Bitcoin price slipped 3% after setting up a local top at $21,473. This downswing was necessary to blow off steam after last week’s impressive upswing. As BTC retests the $20,970 support structure, investors can expect a resurgence in buying pressure that pushes it higher.

Supporting this move for the big crypto is the Relative Strength Index (RSI), which is hovering around the midpoint at 50. This position for RSI indicates that the bullish and bearish momentums have reset, allowing both camps an opportunity to take over.

Due to the aforementioned support level, there is a high chance Bitcoin price will bounce higher and target the inefficiency at $22,106. In a highly bullish case, BTC could attempt a retest of the $25,000 psychological level.

BTCUSDT 4-hour chart

While things are particularly in favor of bulls, Bitcoin price needs to hold the $20,970 support structure for a further move north. In case the sellers flip the $20,742 foothold into a resistance level, it will invalidate the bullish outlook and trigger a sell-off.

The spike in selling pressure could knock Bitcoin price to $20,053 and the sell-stop liquidity resting below this level. A stable support level that could absorb this incoming bearish momentum would be $19,706.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.