Bitcoin Price Prediction: BTC/USD Rejected After Moving Past $51,000; More Pains May Come to Focus
Bitcoin (BTC) Price Prediction – March 4
Bitcoin (BTC) price increased considerably but despite the rejection, the bullish structure is still intact.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $44,000, $42,000, $40,000
Looking at the daily chart, BTC/USD bears may be actively taking back control as they are seen forcing BTC/USD to bow down to fresh losses. The digital asset is correcting 1.24% lower on the day. At the time of writing, BTC/USD is changing hands at $49,737 after adjusting lower from $51,798 which is an intraday high. In addition, Bitcoin remains vulnerable to losses as long as it continues to stay under bearish movement in as much as the 9-day MA trades under the 21-day MA.
What is the Next Direction for Bitcoin?
Looking at the coin from a technical angle, one can say that the market price may likely follow the downtrend. For example, the RSI (14) may confirm the bearish movement as it is seen moving below the 55-level. BTC/USD is still at great risk of dropping to levels close to $45,000. Yesterday, the coin moved below $52,000 before finding support at $48,161.
However, bulls are banking on the 9-day moving averages to ensure that in spite of a reversal, the Bitcoin price stays above the $48,000 level. Any further movement below $45,000 may push the coin towards the critical supports of $44,000, $42,000, and $40,000. Meanwhile, following the upward movement may allow the price to hit the nearest resistance levels at $55,000, $57,000, and $59,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
BTC/USD is seen crossing below the 9-day and moving averages as the 4-hour chart reveals, the bears are still in control while the bulls are trying to defend the $47,000 support. If not, the $46,000, $41,000, and $40,000 support levels may come into play if the coin focuses on the downward movement.
Moreover, buyers may need to regroup and hold the support of $48,000, once this is done, traders may expect a cross above the moving averages, and breaking this level may further the king coin to $52,000, $54,000, and $56,000 resistance levels. The RSI (14) is seen moving into the negative side, suggesting a continuous bearish movement.
