Bitcoin Price Prediction: BTC/USD Retraces Below $44,000
Bitcoin Price Prediction – March 2
The Bitcoin price prediction indicates bearish momentum as the con fails to cross above the upper boundary of the channel.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $38,000, $36,000, $34,000
At the time of writing, BTC/USD is hovering at $43,438. There have been instances when BTC has exchanged hands below $43,000 sustaining the bearish price action is a downhill task. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may come into focus.
Bitcoin Price Prediction: BTC Fails at Crucial Resistance
At the time of writing, the bulls still keep the Bitcoin price above the 9-day and 21-day moving averages. BTC/USD has been suffering since yesterday as the technical indicator Relative Strength Index (14) crosses below 60-level. This could mean that the King coin is not yet ready for the upside until the red line of the 9-day moving average and the green line of the 21-day moving average.
On the upside, recovery may not come easy as the support will have to be sorted for above the upper boundary of the channel. Meanwhile, a sustainable move above this barrier may locate the resistance level of $47,000, which may allow for an extended recovery towards the potential resistance levels at $50,000, $52,000, and $54,000. However, an increase in selling pressure across the market could bring the Bitcoin price towards the supports at $38,000, $36,000, and $34,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is trading within the 9-day and 21-day moving averages. BTC/USD may cross above 9-day MA as the market is trying to recover from the bearish momentum. However, if the price breaks above the 9-day moving average and face the upper boundary of the channel. Meanwhile, higher resistance would be located at the resistance level of $44,000, and as the technical indicator Relative Strength Index (14) prepares to move back into the overbought region.
On the other hand, if the bearish movement steps back, the support level of $42,000 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $41,000 and below if the price moves towards the lower boundary of the channel.
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