BTC/USD Drops Below $42,000 Level

Bitcoin Price Prediction – March 20

The Bitcoin price slides below the resistance level of $41,327. Further downside momentum may come to play, but $40,000 may likely come out as support.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $46,000, $48,000, $50,000

Support Levels: $38,000, $36,000, $34,000

BTC/USD range-bounds with the selling pressure seen around $41,327 level which is stopping it from seeing any major gains. Meanwhile, traders are not surprised by the selling pressure as bears are trying to defend against a break above the 9-day and 21-day moving averages. However, until bulls keep the price above this barrier, the king coin may continue to face a prolonged sideways.

Bitcoin Price Prediction: Bitcoin May Drop Slightly

The Bitcoin price may likely slide below the 9-day and 21-day moving averages as the daily chart shows; however, a further retracement seems imminent, and it is likely to break below $11,000. Meanwhile, $38,000, $36,000, and $34,000 serve as the major support levels. The technical indicator Relative Strength Index (14) is likely to slide below 40-level, suggesting bearish movement.

However, as the daily chart reveals, if the bulls could push the price back above the daily high at $63,100, BTC/USD may see a potential resistance level at $64,000, therefore, any further movement towards the upper boundary of the channel could send it to other resistance levels at $68,000, $70,000, and $72,000 respectively.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, the bears are likely to come into the market as the market price crosses below the 9-day and 21-day moving averages. The bulls failed to hold the Bitcoin price above the moving averages. Meanwhile, if BTC/USD breaks above the moving averages, the $43,000 and above may come into play.

However, if the price breaks towards the lower boundary of the channel, the support level of $40,000 and below may be in focus. Meanwhile, as the Relative Strength Index (14) nosedives below 50-level, more bearish signals may play out before a rebound could come in.

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