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Bitcoin Price Prediction: BTC/USD Drops Below $7,900; Expected to Bounce Back from $7.3k

Bitcoin (BTC) Price Prediction – March 10

Bitcoin (BTC) keeps moving in the strong selling zone, having no support from the moving average.

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

Key levels:

Resistance Levels: $8,800, $9,000, $9,200

Support Levels: $6,800, $6,600, $6,400

BTCUSD – Daily Chart

As the market opens today, BTC/USD faced a key resistance at $8,162.60. The coin was later rejected and moves toward the south. Nevertheless, if BTC/USD continues to follow the downward trend, we could see a break below the trend line which may target $7,500 and any other loss could possibly push the coin to the support level of ​​$7,300. In other words, a crucial uptrend is expected to form around the middle-level of the channel, with a resistance level of $8,400 on the daily chart.

Meanwhile, the market has remained in the consolidation mode within the channel, waiting for the next move. However, as the technical indicator RSI (14) moves around 32-level, it is likely that the market may continue to sell but if the bulls show a strong commitment, the Bitcoin price could rise to the crucial resistance levels of $8,800, $9,000 and $9,200.

However, should the bulls failed to move the price higher; traders may see a price cut to $7,300 vital support. A further low drive could send the price to $6,800, $6,600 and $6,400 support levels while BTC/USD still maintains a bearish trend on the daily chart, with the trading volume bringing more bearish signals.

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

Looking at the 4-hour chart, BTC/USD is still trading under $8,500 price level and this may continue to weaken if the price continues to fall below the 9-day and 21-day moving averages. As it stands now, once the current correction is completed, the price may likely reach $8,000 or $8,200, giving a decent recovery.

BTCUSD – 4 Hour Chart

Similarly, BTC/USD may continue to bleed if buying volume stays low. The bull reaction is important to push-up the price to $8,300 resistance level and above. If not, the support level of $7,400 and below could be touched shortly. The pressure is reflected in the technical indicator, the signal lines of MACD have already crossed to the negative side which means that the sellers are still in control.

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.