Bitcoin Price Prediction: BTC/USD Breakdown Below $6,400, Can the Bulls Bounce Back?

Bitcoin (BTC) Price Prediction – March 22

BTC/USD is struggling to recover above $6,500 but the coin remains at a risk of a larger breakdown below the $6,000 support.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $8,000, $8,200, $8,400

Support Levels: $4,200, $4,000, $3,800

BTCUSD – Daily Chart

After an erratic recovery in the past few days, BTC/USD resume back into a selling mode. A few days ago, the coin topped at $6,973 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $6,006, down 3.1% since the beginning of today. Bitcoin continues to narrow down towards $5,800. Meanwhile, the downtrend movement is clearly shown by taking a broader technical picture using the daily chart.

Moreover, the BTC/USD price is struggling to hold a couple of important supports near $6,000. The price is likely to continue lower below the $5,800 and $5,600 support level. If there is a downside break below the $5,400 support level, the price could revisit the $4,500 support level. The bears are gaining momentum and if the price clears the $4,500 support, there is a risk of a sharp decline to $4,200, $4,000 and $3,800 support levels.

In addition, the market may decide around the 9-day moving average, where the buyers are anticipating a rebound. Meanwhile, the $6,800 and $7,000 levels may further surface as potential resistances should the $6,400 level holds. However, a strong bullish spike might take the price to $8,000, $8,200 and $8,400 levels. But presently, the RSI (14) is moving below the 40-level, which suggests a bearish movement in the market.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-Hour chart, Bitcoin (BTC) has slipped below $6,000 and its price hovers below the 9-day moving averages and may take time to persistently bounce back to the resistance level of $6,500. At the moment, the Bitcoin price is currently moving around $5,901 level.

BTCUSD – 4 Hour Chart

More so, if buyers can put more effort and energize the market, we can expect a retest of $6,200 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $6,500, $6,700 and $6,900 upward. In other words, if the bears hold the price and push it downward, then the support level of $5,300, $5,100 and $4,900 may be visited as the RSI (14) moves around 47-level.

Please note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.