Bitcoin Price Prediction – March 1
The Bitcoin price prediction shows that BTC is following the two-straight bullish day as the king coin heads to the upside.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $50,000, $52,000, $54,000
Support Levels: $38,000, $36,000, $34,000
BTC/USD is seen pushing the market price above the potential resistance level of $43,000 as bulls need to keep the price above the 9-day and 21-day moving averages at the time of writing. However, the Bitcoin price could move with strong bullish momentum after a sustainable break above an important resistance level.
Bitcoin Price Prediction: Bitcoin (BTC) Would Move to the Upside
Looking at the daily chart, the technical indicator Relative Strength Index (14) prepares to cross above 60-level as the bulls appear to push the Bitcoin price above the upper boundary of the channel. Moreover, the Bitcoin price seems to be struggling around the upper boundary of the channel, suggesting that BTC/USD could retreat a little bit, before attempting to break higher again.
On the upside, the $43,500 level aligns with the initial resistance. A daily close above this could lift the price to the resistance levels of $50,000, $52,000, and $54,000. In other words, Bitcoin could retreat and move towards the 21-day moving average, currently located at $43,883. However, if it breaks below the 9-day moving average, the critical supports may be located at $38,000, $36,000, and $34,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, BTC/USD is currently trading above the 9-day and 21-day moving averages as the coin moves to cross above the upper boundary of the channel to hit the resistance level of $47,000 and above. But the Bitcoin market is likely to range-bound around the upper boundary of the channel as the buyers keep the position intact.
Looking at the Relative Strength Index (14) shows that BTC price may remain at the upside as the signal line stays within the overbought region. On the contrary, if the coin decides to cross below the 9-day and 21-day moving averages; the support level of $41,000 and below may be located.
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