Bitcoin Price Prediction: BTC/USD Dips Below $72,000 Level as Bears Step Into the Market
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Bitcoin (BTC) Price Prediction – March 15
The Bitcoin price is back under $70,000 after losing an important trend line that has supported the cryptocurrency’s uptrend.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $86,000, $88,000, $90,000
Support Levels: $52,000, $50,000, $48,000
After losing momentum above $72,000, BTC/USD is facing another decline as the coin crosses below the 9-day moving average. The Bitcoin price is seen trading below the $70,000 and $69,000 support levels. However, the Resistance above $72,500 has proven once again too strong for bulls to break, and bears are now pushing the price per coin back down to retest support lower.
Bitcoin Price Prediction: Would Bitcoin Follow the Downside?
Despite the risk of losing the uptrend above the channel, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over. The Bitcoin price continues to follow a sharper uptrend line at one point, and although the 9-day MA is still above the 21-day MA, therefore, no dramatic downside has ever materialized.
Nonetheless, if the bulls push higher, the first level of resistance is located at $73,500. A sustainable move above this is needed for the upside to gain traction while the next important resistance may come at $75,000. Further resistance levels could be located around $86,000, $88,000, and $90,000 while the critical supports lie at $52,000, $50,000, and $48,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the 9-day MA crosses below the 21-day MA. The break below this crucial barrier caused it to plunge as low as $67,420, with bulls stepping up and guarding against a decline beneath this level. Meanwhile, unless it recaptures $72,000 in the near-term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.
However, any further bearish movements could see the support level of $61,000 and below. Meanwhile, as the 9-day moving average remains below the 21-day moving average, bearish signals could push the price below the lower boundary of the channel. On the other hand, any bullish cross above the moving averages may locate the resistance level of $58,000 and above.
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