BTC/USD Finally Crosses Below $37,000

Bitcoin Price Prediction

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)

Key levels:

Resistance Levels: $42,000, $44,000, $46,000


Support Levels: $32,000, $30,000, $28,000

BTCUSD – Daily Chart

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.

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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.

BTCUSD – 4 Hour Chart

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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