• Bitcoin price prediction shows BTC/USD keeps following a sideways movement.
• The Bitcoin price is hovering at $16,729 but has not crossed the 9-day and 21-day moving averages.
• Bitcoin price may consolidate before the next action as recovery could be set in bit by bit.
The Bitcoin price prediction for today, January 3, shows that BTC/USD keeps following a sideways movement as the king coin fails to cross above the channel. The Bitcoin price is currently trading at $16,729, hovering around the same level as the past few weeks. However, the king coin has not been able to cross above the 9-day and 21-day moving averages.
On the technical front, the Relative Strength Index (14) is currently just below the 50-level, indicating that the king coin may need to consolidate before the next action. In addition, the momentum is currently slightly bearish as the 100 Simple Moving Average (SMA) is still far away from the long-term 200 SMA.
If the Bitcoin price is able to break the channel, then the coin could rise and cross the upper boundary. On that note, the king coin may be ready for an upside. This means that recovery could be set in bit by bit.
At the same time, when it comes to the long-term trend, BTC/USD is still in a ranging market. As such, the key resistance levels are at $20,000, $22,000, and $24,000. On the downside, the key support levels are at $14,000, $12,000, and $10,000.
Overall, the Bitcoin price prediction shows that BTC/USD may experience further sideways price action as additional losses could play out until there is a change in the price movement. Therefore, investors should keep an eye on the market and wait for the right moment to enter positions.