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

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.

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.

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.

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