Bitcoin (BTC) Price Prediction – February 25
The price of Bitcoin has failed to find support at $9,600 and $9,400, giving more control to the sellers.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,200, $10,400, $10,600
Support Levels: $8,600, $8,400, $8,200
BTC/USD has been very volatile for the past three weeks. While the coin reached its new year’s high at $10,500 some days ago, the fluctuations to both sides refuse to calm down. Unfortunately to the bulls, and following the massive global markets crisis, BTC/USD had completed almost $600 drop-in just two days.
At the time of writing, BTC/USD is testing the crucial support of the lower ascending trend-line, moving below the 9-day and 21-day moving averages at $9,339. Both the market price and the RSI (14) seem to be on a critical decision point. Therefore, losing the $9,300 support level means losing the higher lows trajectory on the daily, this might be crucial for the short-term price action for Bitcoin.
Moreover, in case of a breakdown, the first level of support is likely to be at $9,000 before $8,800. Further down lies at $8,600, $8,400 and $8,200. Should in case the coin finds support here, then the first level of resistance would be $9,800 and $10,000. Further rise may be $10,200, $10,400 and $$10,600 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
If you look at the 4-hour chart, the Bitcoin price is still under $9,400 and could continue to weaken if the price continues to fall below the 9-day and 21-day moving averages. However, once the current correction is completed, it may likely reach $9,000, $8,800 and $8,600 support levels where the price could allow a decent recovery.
Similarly, the technical indicator RSI (14) shows a downward price momentum, as it is in the bearish zone and the signal line is moving below the 35-level. Therefore, the coin may experience further resistance of $10,000 if it raises the much-needed price recovery above $9,500 which may later take the price to $9,600 and $9,800 resistance levels.
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