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Bitcoin Price Prediction: BTC/USD Bulls Flex Muscles Climbing Above $8,800

Bitcoin (BTC) Price Prediction – March 2

Bitcoin price lags breakout above the previous support levels and likely to blast it above $8,900.

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

Key levels:

Resistance Levels: $9,500, $9,700, $9,900

Support Levels: $7,800, $7,600, $7,400

BTCUSD – Daily Chart

BTC/USD is back with a bang as it kick-starts the new month on a positive note. Before the coin could close yesterday, it has initiated a price recovery after it found a support level below $8,440. Bitcoin has rebounded noticeably and it has already formed a few higher highs while tracing a bullish trend line. Yesterday, Bitcoin price has pushed for recovery during both the Asian and European sessions.

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However, the market is deciding around $8,908 before the 9-day and 21-day moving averages, where the buyers are anticipating for a clear breakout or breakdown. Meanwhile, the $9,000 and $9,200 levels may further surface as the key resistances should the $9,400 level holds. However, a strong bullish spike may take the price to $9,500, $9,700 and $9,900 levels.

Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop below $8,000 and should this support fails to contain the sell-off, traders may see a further roll back to $7,800, $7,600 and critically $7,400. The RSI (14) suggests an upward movement for the coin as the signal line moves above the 40-level.

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

Looking at the 4-hour chart, the bears have been dominating the market for the past few weeks, but the bulls have now stepped back into the market moving above the 9-day and 21-day moving averages and trying to defend the $8,600 support. If not, the $8,500 and below may come into play if BTC breaks below the mentioned supports.

BTCUSD – 4 Hour Chart

However, in as much as the buyers continue to reinforce and power the market more, traders can expect a retest at $8,900 resistance level and breaking this level may further push the price towards the resistance level of $9,200 and above. The RSI (14) faces the north as it is moving above the 55-level.

Please note: Insidebitcoins.com 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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