Bitcoin Price Prediction – March 24
The Bitcoin price retested the $42,627,000 support level as it is now rising, but it must be stable above $44,000 for a steady increase.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $38,000, $36,000, $34,000
BTC/USD is recovering higher from the opening price at $42,899, and the first digital asset must clear $44,000 resistance above the 9-day and 21-day moving averages to start a new increase in the near term. Looking at the daily chart, traders could see that BTC is yet to break above the channel. The implication is that the market may drop to retest the $42,500 support. This is possible if the sellers reclaim the $42,000 crucial support level and in most cases, sellers may find penetration difficult at this level.
Bitcoin Price Prediction: Would BTC Climb Higher this time?
As revealed by the daily chart, the Bitcoin price hiked to a new weekly high touching the resistance level of $44,241. In the meantime, traders could see that the Bitcoin price has continued to converge above the key level of $44,000. The 9-day MA trend-line is above the green trend-line of the 21-day MA as they prepare to face the north. The Relative Strength Index (14) moves to cross above 60-level in an attempt to probably cross to the north.
The first major resistance is near the $45,000 level, while the main resistance is still near the $44,000 level. Therefore, a clear break above the $46,000 level could set the pace for a larger increase to $48,000, $50,000, and $52,000 resistance levels. On the contrary, should Bitcoin price fail to clear the $44,000 resistance, it could start a new decline as the initial support on the downside is near the $42,000 level. If there is a downside break below the $42,000 support and $40,000, the price could start a sharp decline towards the support levels of $38,000, $36,000, and $34,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart for BTC is looking bullish as the market has been showing a sign of a bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $43,789 which is now a key support level. The next key support levels are $42,500 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $44,000 resistance. A climb above the mentioned resistance may further push the BTC price to the resistance levels of $45,500 and above. As it is now, the Relative Strength Index (14) is now revealed moving around 70-level, suggesting sideways movement.
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