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Bitcoin Price Prediction: BTC/USD Dips Below $10,000 As Bulls Enter Panic Mode; Is It Time To Sell?

Bitcoin (BTC) Price Prediction – February 16

Bitcoin (BTC) fell below $10,000 for the first time in a week after dropping $500 in an hour.

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

Key levels:

Resistance Levels: $10,800, $11,000, $11,200

Support Levels: $9,000, $8,800, $8,600

BTCUSD – Daily Chart

The price of BTC/USD fell below the level of psychological support at $10,000 in the early hours of trading yesterday in the US market, as buyers take a break from the prolonged uptrend that the superior crypto has experienced since the beginning of this year. BTC/USD charts are now signaling an upcoming bearish run as the price experienced a $500 dump to trade at $9,910, as at the time of writing.

However, in one of the most shocking moves earlier yesterday, the Bitcoin bulls lost their strength holding on to the key support level at $10,000, as bears took over the market to push BTC’s price 5% lower. The BTC/USD looks set to drop lower as the market adjusts from the skyrocketing momentum in the past month or so.

Moreover, BTC/USD is trading just below the $10,000 resistance level. In case of an upward trend, the next possible target is the $10,200 support turned resistance level. The next major level is $10,400 before the 2020 high at $10,500. The potential resistance levels to watch are $10,800, $11,000 and $11,200 while the critical support levels are $9,000, $8,800 and $8,600 as the RSI (14) moves below the 60-level.

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

Looking at the 4-hour chart, the bears have been dominating the market tremendously, but the bulls are trying to defend the $9,800 support as well. Meanwhile, the $9,600 and below may come into play if BTC breaks below the mentioned supports.

BTCUSD – 4 Hour Chart

But if the buyers can reinforce and power the market, traders can expect a retest at $10,000 resistance level and breaking this level may further allow the bulls to reach $10,200 and above. The RSI (14) crosses below the 40-level which indicates that more bearish signals are on the way.

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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      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.