Bitcoin Price Prediction: BTC/USD May Likely Head Toward $7,400 If The Market Closes Beneath This LevelAuthor: Azeez MustaphaLast Updated: 11 March 2020 Bitcoin (BTC) Price Prediction – March 11At the time of writing, Bitcoin (BTC) was trading around $7,815 after recording a dip at $7,638.75 a couple of days ago.BTC/USD Long-term Trend: Bearish (Daily Chart)Key levels:Resistance Levels: $8,800, $9,000, $9,200Support Levels: $6,900, $6,700, $6,500BTCUSD -Daily ChartAfter a slight bullish movement early this month, BTC/USD has continued to send panic into the market as the trend remains bearish, facing hurdles at the $7,700 essential support that has been bolstering well for the past days. As of now, Bitcoin is aiming to fall again, but the key support is becoming a threat to the bears. However, the latest price drop has brought BTC down by 1.01% in the last 24-hours trading.More so, Bitcoin is moving inside a descending channel pattern on the daily chart. After falling to $7,727 support, BTC/USD saw a quick price jump to the upper boundary of the channel, from where the bear resume pressure. Now, the price is facing the $7,500 important support. Once this support breaks, the $6,900, $6,700 and $6,500 support may come into play.In the opposite direction, if the critical support can continue to provide support for the market, we can expect the price to climb back to $8,200 and $8,500 resistance before we can see a rise above the 9-day moving averages to meet $8,800, $9,000 and 9,200 resistance levels. Meanwhile, the signal lines of stochastic RSI is moving the oversold zone, suggesting more bearish signals.BTC/USD Medium – Term Trend: Bearish (4H Chart)Looking at the 4-hour chart, the Bitcoin (BTC) is falling below the moving averages tremendously, but the bulls are making efforts to defend the $7,500 support as well. Meanwhile, the $7,200 and below may come into play if BTC breaks below the mentioned supports.BTCUSD – 4 Hour ChartMoreover, if the buyers can reinforce and power the market, traders may expect a retest at $7,800 resistance level and if the buyers can break this level, it may push the price towards the resistance levels of $8,200 and above. The RSI (14) is moving around the 32-level, suggesting more bearish movement.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.