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Bitcoin Price Prediction: BTC/USD Consolidates After Creating New Support, Can $9,600 Hold this Time?

Bitcoin (BTC) Price Prediction – February 22

BTC/USD has been in a slight pullback for the past few days, having descended from above the $10,000 level.

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

Key levels:

Resistance Levels: $10,400, $10,600, $10,800

Support Levels: $8,900, $8,700, $8,500

BTCUSD – Daily Chart

After breaking the $9,500 essential support on February 19, BTC/USD found support at $9,290, followed by a quick rebound to $9,600 – around where the coin is now trading at. At the moment, the BTC/USD market has since remained in a consolidation mode, deciding on the next actual move. More so, the Bitcoin price has been trading in the $9,600 area for a couple of days now.

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As of the time of writing, the number-one cryptocurrency is trading at $9,627. We may see a more severe decline in the next couple of days if the bearish trend continues to shape in a pattern formation. However, we can expect the market to continue to sell as soon as the bears regroup. But in case the bulls show strong commitment, BTC/USD may climb back to the potential resistance levels.

While BTC/USD pair consolidates at around $9,600 for two days, the price may fall back at the $9,500 holding support before slipping further to $9,300 support. Driving beneath this support could plummet price at $8,900, $8,700 and $8,500 levels. On the other hand, a quick retracement may allow the price to reach $10,400, $10,600, and $10,800 resistance levels.

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

BTC/USD trades within the range of $11,553 to $11,766. Nevertheless, Bitcoin has not yet slipped below $9,500 and is still in the loop of making a bounce back. BTC price hovers around $9,709 and may take time to persistently trade above $9,800. At the moment, the BTC price is currently moving above the 9-day and 21-day moving averages. The upward movement is facing hurdles near the $9,950 and $10,150 resistance level.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is near the $9,644 level while the main support is at the $9,580 level. The price might slide sharply below $9,550 which may likely test the main support at $9,450 level and beyond. Technically, Bitcoin may likely start moving in an uptrend as RSI (14) is currently moving above 45-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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