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Bitcoin Price Prediction: BTC/USD Finally Drives the Market Up; Conquers $9,000 Level

Bitcoin (BTC) Price Prediction – March 5

BTC/USD is up by more than 3% as the price struck a sudden and bullish price spike. Meanwhile, the technical indicator RSI (14) is extremely bullish.

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

Key levels:

Resistance Levels: $9,800, $10,000, $10,200

Support Levels: $8,000, $7,800, $7,600

BTCUSD – Daily Chart

The daily chart has revealed that BTC/USD is pushing the price above the critical resistance level. The coin is moving above $9,000 to trade at $9,082 at the time of writing. The number-one crypto is moving with strong bullish momentum after a sustainable break above an important technical level. More so, BTC/USD has gained over 3.6% since the beginning of the day as it is using $8,700 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

However, the return above $9,000 could set the framework for gains towards $10,000. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending RSI (14) is considered. Any further bullish movement above the 9-day and 21-day moving averages could pave the way for the gains above $9,400. Other resistance levels to watch include $9,800, $10,000 and 10,200.

Looking at the downside, if the price falls back below $9,000 level and move to cross below the moving averages, the bears may wrestle out the control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support comes at $8,500, which is followed by $8,000, $7,800 and $7,600 support levels.

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

Looking at the 4-hour chart, the price of Bitcoin (BTC) is currently trading around $9,911 and above the 9-day and 21-day moving averages after a reversal from $8,738 that occurred in yesterday’s trading. However, the 4-hour chart shows that the bullish supply is becoming heavy in the market while the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

Furthermore, if the buyers could strengthen and energize the market more, they can further push the price to a $9,200 resistance level. Therefore, breaking the mentioned resistance may likely allow the bulls to test the $9,400 and above. In other words, the RSI (14) is currently moving around 65-level, but when it turns down; the bears could step back into the market and bring the price to the support level of $8,800 and below.

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.