Bitcoin Price Prediction – February 24
The Bitcoin price prediction becomes lower, with nearly all assets moving towards the negative side as the king coin breaks below $37,000.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $32,000, $30,000, $28,000
BTC/USD continues to struggle with its position above $36,000 as the coin trades around $36,980 level today. The Bitcoin price is in an unstable position slipping below the 9-day and 21-day moving averages. However, the 9-day MA is already below the 21-day MA, therefore, the downside momentum could gain traction with the next focus on $36,500.
Bitcoin Price Prediction: BTC Price Ready to Create More Lows
According to the daily chart, the Bitcoin price is trading below the 9-day and 21-day moving averages at $60,580 with a decline of 0.77% on the daily price chart. Looking at the declining daily volume candles, together with the steady but stable recent Bitcoin price action, traders can assume that a stronger negative move may be coming soon as far as the red-line of the 9-day MA remains below the green-line of the 21-day MA. At the moment, the technical indicator, Relative Strength Index (14) is seen moving below 40-level, which could create additional downtrends.
BTC/USD keeps struggling to maintain the $36,000 support level. If the coin fails to remain above this level, then, it could drop to the next support levels of $32,000, $30,000, and $28,000. From above, any bullish cross above the significant 9-day and 21-day moving averages could send the price towards the resistance levels of $42,000, $44,000, and $46,000.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the bulls could not defend the $36,000 support as the king coin falls to another support level of $35,892. Therefore, the $32,000 and below may come into play if BTC breaks below the current value and move below the lower boundary of the channel.
However, if the buyers can regain and push the market price above the 9-day and 21-day moving averages, traders may expect a retest at the $38,000 resistance level, and breaking this level may further allow the bulls to reach the resistance level of $39,000 and above. Meanwhile, the technical indicator Relative Strength Index (14) prepares to cross into the oversold region, indicating additional bearish movement in the market.
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