Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Slumps Below $35,000 Level

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bitcoin Price Prediction
Bitcoin Price Prediction

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin Price Prediction – February 24

The Bitcoin price prediction retreats from the opening price at $37,268 but bulls may have trouble taking the market price to the upside.

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

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $30,000, $28,000, $26,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

At the time of writing, BTC/USD is trading down by 6.09% at its current price of $34,997. Moreover, where the coin may go next could depend on whether or not bulls can take control of it before it breaks below $34,000 or $32,000.

Bitcoin Price Prediction: What to Expect from BTC

On the upside, the Bitcoin price may continue to face down near the $34,000 zone. A clear close below this level could start a strong selling pressure and could probably push the king coin to the nearest support at $33,000. In the other words, the next target for the bulls could be $40,000 in the near term. Any more gains could lead the price towards the $42,000, $44,000, and $46,000 resistance levels.

However, if the Bitcoin fails to rebound to the resistance level of $35,000, it could correct lower and the first key support is located around the $32,000 level. If the bulls fail to defend the $31,000 support zone, the price is likely to dive towards the $30,000, $28,000, and $26,000 support levels as the technical indicator Relative Strength Index (14) moves to cross into the oversold region.

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

On the 4-Hour chart, the BTC price hovers around $35,339 and may take time to persistently trade above $36,000. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $38,000 and $40,000 resistance level.

BTCUSD – 4 Hour Chart

On the downside, immediate support is around the $34,000 level while the main support is at the $33,000 level. The price may likely fall below the lower boundary of the channel if the bears step back into the market, a further movement could test the critical support at the $32,500 and below. Technically, the technical indicator Relative Strength Index (14) remains below 40-level, suggesting that more bearish signals may come into play.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Join Our Telegram channel to stay up to date on breaking news coverage

Read next