Bitcoin Price Prediction – March 8
The Bitcoin price prediction shows that BTC is trading at $38,727 but the coin seems to be preparing for another upward movement.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $32,000, $30,000, $28,000
BTC/USD is trading towards the 9-day and 21-day moving averages at $38,727 as the coin prepares to gain additional higher levels. Today, the number one crypto is likely to extend towards the resistance level of $40,000 if the bulls put more pressure on the market.
Bitcoin Price Prediction: Is $40k Resistance Coming for BTC?
As of now, the Bitcoin price is yet to cross above the 9-day and 21-day moving averages, but any further bullish movement above this barrier could locate the potential resistance levels at $45,000, $47,000, and $49,000. Typically, when the new uptrends are coming to the surface, traders may use the moving averages as a pivot resistance point to gauge the strength of the trend. However, if BTC/USD begins to soar towards the upper boundary of the channel, this could be a sign of sustainability and may likely result in a bullish continuation.
Moreover, should BTC price fail to move up; traders may see a price cut towards the lower boundary of the channel, and a further low could bring the price to the support levels at $32,000, $30,000, and $28,000 respectively. But as it stands, the Bitcoin price is likely to rise as the technical indicator Relative Strength Index (14) may cross above 50-level.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the market has been following a sideways movement for the past few days as the bulls are trying to come back into the market by defending the $38,000 level. If not, the support level of $35,000 and below may come into play.
However, if the bulls keep the market above the 9-day and 21-day moving averages, traders may expect a retest of $40,000 resistance level, and breaking this level may further push the price towards the resistance level of $42,500 and above as the technical indicator Relative Strength Index (14) remains below 60-level, suggesting sideways movement.
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