Bitcoin Price Down at $22,300 -When And Where Will The Bounce Come? (March 4)

Bitcoin is the world’s leading cryptocurrency with high market volatility. However, its unstable price behavior is rousing up biased minds among traders. Although BTC’s price is low, the price prediction hints at the asset’s positive future price outlook.

The recent price drop of Bitcoin has stirred varying opinions among traders and investors in the crypto market. With BTC trading slightly below its all-time high of 2021, investors have remained neutral about possible price expectations.  

Today, March 4, 2023, Bitcoin’s price is $22,321, with a 0.03% price decline and a bold bar on the histogram. This confirms the present bearish momentum of the asset. As such, investors are eager to know when and where its bounce will come.

However, the value of Bitcoin’s MACD (Moving Average Convergence/Divergence) projects a possible bounce in the coming days. Irrespective of imminent pullbacks, the asset will likely record a bullish sentiment.

Bitcoin’s technical analysis and price prediction hint at the future price outlook to expect in the next few days.

Bitcoin Price Trends in 2023

Bitcoin has made the most of 2023, starting at $16,547 on January 1 and climbing to $17k in 10 days (January 10). Its ability to maintain the bullish sentiment drove the value to around $22k at the end of the month. 

February 1 saw the asset price at $23,137, leading to several rallies that resulted in the $23,332 price on February 5. 

Afterward, Bitcoin experienced price fluctuations, and by February 10, 2023, it dropped to $21,819. BTC managed to uphold the $23k level at the end of the month after it had touched $24.8k on February 21. But as fear grew amid investors and traders, it dropped again. 

As of today, March 4, 2023, BTC is around $22k and is expected to rally amid possible fluctuations throughout March. If this happens, BTC will be boasting $28k by March 31.

Bitcoin (BTC) Price Prediction with Technical Analysis

The sideways movement of Bitcoin on the indicators depicts a bullish trend in the coming days. However, Bitcoin is down by 0.03% at the time of writing and trades at $22,321, indicating the current bearish trend of the asset.

The Relative Strength Index (RSI) is at 41.85, which indicates the asset’s movement towards the oversold region (below 30) – a short-term bearish sentiment. BTC trades a few PIPs below its 50-Day Simple Moving Average (SMA). On the other hand, it’s trading above its 200-Day SMA.

The Moving Average Convergence/Divergence (MACD) is at 68. This value indicates a potential price drop in the nearest days – a bearish sentiment for short-term trades.

Notwithstanding, Bitcoin’s support levels are $16,337, $18,373, and $21,376, while its highest resistance level is $25,270. 

Due to the volatility of cryptocurrencies, investors and traders must implement an adequate risk management strategy and comprehensive technical analysis before investing. 

Factors That Might Impact Bitcoin’s Price

While investors wonder when and where the BTC bounce will come, some factors affect the asset’s value. Here are some factors that might affect BTC.

U.S Regulatory Crackdown

Changes in regulations or policies of the government that affect the acceptance or utility of cryptocurrencies can impact their values. For instance, news of recent or future regulatory crackdowns on cryptos like Bitcoin can cause it to drop in its price.

Technological Advancements

Cryptocurrencies run on blockchain technology. Bitcoin is not excluded. Upgrades and new developments in this area can affect the crypto’s value. Improved efficiency and speed will increase the crypto’s demand, while technical issues will affect it negatively. 

Global Adoption of Bitcoin

Bitcoin is gradually becoming a globally-accepted payment option in various companies and institutions. As more institutions adopt this crypto, the value is likely to spike. Furthermore, the participation of leading organizations like MicroStrategy and Tesla can result in more price increases for Bitcoin.

Hype and Market Sentiment

The market sentiment and hype of cryptocurrencies like Bitcoin are the most influential factors that affect crypto values. Positive news and media portrayals of Bitcoin, like global adoption, can drive a price increase, while negative news can cause a price decline.