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Bitcoin Price Prediction: BTC/USD Dumps Fast, Ready to Decline to $9,000?

Bitcoin (BTC) Price Prediction – February 24

The volatility in the Bitcoin market could simply mean that the coin may either swing to $10,000 or decline to $9,000.

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

Key levels:

Resistance Levels: $10,500, $10,700, $10,900

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

BTCUSD – Daily Chart

After an erratic recovery of yesterday, BTC/USD has resumed back into a selling mode today. A few days ago, the coin topped at $10,300 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $9,630, down 3.35% since the beginning of today. Bitcoin continues to narrow down towards $9,500. The downtrend is clearly shown by taking a broader technical picture using the daily chart.

Moreover, the BTC/USD price is struggling to hold a couple of important supports near $9,400. The price is likely to continue lower below the $9,300 and $9,200 support level. If there is a downside break below the $9,200 support level, the price could revisit the $9,100 support level. The bears are gaining momentum and if the price clears the $9,100 support, there is a risk of a sharp decline to $9,000, $8,800 and $8,600 support levels.

However, the Bitcoin price is now deciding below the 9-day and 21-day moving averages, where the buyers are anticipating a rebound. Meanwhile, the $10,200 and $10,400 levels may further surface as the nearest resistance levels should the $10,000 level holds. However, a strong bullish spike might take the price to $10,500, $10,700 and $10,900 levels. But presently, the stochastic RSI is within the oversold condition.

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

Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $9,400 and is still in the loop of making a bounce back if the signal lines of stochastic RSI can make a quick turn back from the oversold zone. At the moment, BTC/USD price hovers below the 9-day and 21-day moving averages and may take time to persistently move back and touch the resistance level of $9,700. At the moment, the Bitcoin price is currently moving around $9,611 level.

BTCUSD – 4 Hour Chart

More so, should in case the buyers put more effort and energize the market, we can expect a retest of $9,800 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $9,900, $10,100 and $10,300 upward. In other words, if the bears hold the price and push it downward, then the support level of $9,300, $9,100 and $8,900 may be visited as the technical indicator is entering into the oversold zone.

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.