Bitcoin Price Forecast – February 24
Bitcoin price prediction shows BTC bouncing back to the downside as the cryptocurrency rallies after hitting the low of $34,322.
BTC/USD Long Term Trend: Bearish (Daily Chart)
Resistance Levels: $40,000, $38,000, $36,000
Support Levels: $32,000, $30,000, $28,000
BTCUSD – Daily Chart
The BTC/USD pair is trading another 2.30% loss today as the cryptocurrency dips below the $36,411 support level to hit the daily low of $34,322. However, the daily chart reveals that $34,000 is a very important area as it is expected to provide strong support for the coin.
Bitcoin Price Forecast: Bitcoin price could exceed $34K
Bitcoin price continues to fall below the 9-day and 21-day moving averages on the support provided by the channel’s trendline. A breakout of the lower boundary of the channel could cause Bitcoin price to create a new low below the $33,000 level. A dip below the lower boundary of the channel could be detrimental to Bitcoin as it could push the first digital asset to the supports at $32,000, $30,000, and $28,000.
Furthermore, if buyers can recover, the first resistance level could reach $37,000. Above that, more resistance is expected at $39,000. This could likely follow through on potential resistance at the $40,000, $42,000, and $44,000 levels. So, if the currency can break through these levels, the market could be on the verge of turning bullish in the long run. Now the Relative Strength Index (14) remains below the 40 level, indicating that more bearish signals may appear.
BTC/USD Medium Term Trend: Bearish (4H Chart)
As revealed by the 4-hour chart, Bitcoin price is seen hovering at $38,557 as the coin crosses above the 9-day and 21-day moving averages heading towards the upper boundary of the channel. However, if the bulls decide to keep the price higher, the coin could likely hit resistance at $42,000 and above.
BTCUSD – 4-hour chart
However, it now appears that the cryptocurrency is at risk of seeing more short-term downsides as the 9-day MA remains below the 21-day MA. Therefore, the Relative Strength Index (14) is crossing above 60 levels for more bullish signals, but any bearish move below the moving averages could locate support at $35,000 and below.
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