BTC/USD Recently Touches the Support of $46,000; Watch Out for the Next Move

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Bitcoin (BTC) Price Prediction – March 2

After plummeting from $46,000 to $43,000, the Bitcoin price now manages to hold onto the critical support level of $46,000 once again.

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

Key levels:

Resistance Levels: $55,000, $57,000, $59,000

Support Levels: $43,000, $41,000, $39,000

BTCUSD – Daily Chart

BTC/USD may undergo an aggressive bull run in the coming sessions, with their upside price targets lurking anywhere between the most important $60,000 and $65,000 resistance levels. However, Bitcoin typically pullbacks after testing the 21-day moving average to touch the line. Later, the cryptocurrency breaks bearish towards the 9-day moving average where we can call a support base before retracing its move upward to where it is currently trading at $48,780.

What to Expect from Bitcoin

The past few days were somewhat similar, as BTC/USD even dipped to $43,000 support. Meanwhile, since BTC/USD plummeted in value last week by more than $13,000 in a few days, the king coin is struggling to recover as it taps the $50,000 level again. However, the bulls are expected to start pushing the cryptocurrency towards the north. For this to come to focus, the 9-day MA must be able to cross above the 21-day MA.

However, if the market price moves above the moving averages, it may signal a jump towards $50,000, while breaking below the lower boundary of the channel may see Bitcoin drop to $45,000. Therefore, any bullish movement towards the north could locate the resistance levels at $55,000, $57,000, and $59,000 while the supports lie at $43,000, $41,000, and $39,000 as the technical indicator RSI (14) moves around 54-level.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Bitcoin’s price is now trading around $49,029 after rebounding from $48,342. Looking at the 4-hour price chart, we can see that the bullish supply coming up slowly in the market, but the bears are also trying to drag the price below the 9-day moving average. Meanwhile, the $46,000 support level and below may come into play if BTC breaks the moving averages.

BTCUSD – 4 Hour Chart

However, if buyers can strengthen and push the market price above the upper boundary of the channel, we can expect a retest of $50,000 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $52,000, and above. However, BTC/USD is consolidating currently and moving sideways on the medium-term outlook as the RSI (14) moves in the same direction.



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