Bitcoin Price Prediction: BTC/USD Plummets Under $45,000 ByAzeez MustaphaPRO INVESTOR Updated: 08 February 2022 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Price Prediction – February 8 The Bitcoin price prediction shows that BTC is currently facing the down but consolidation is likely to play out between $40,000 and $45,000. BTC/USD Long-term Trend: Bearish (Daily Chart) Key levels: Resistance Levels: $50,000, $52,000, $54,000 Support Levels: $39,000, $37,000, $35,000 BTCUSD – Daily Chart Buy Bitcoin Now Today, BTC/USD retreats below the resistance level of $45,519. The number-one crypto is now moving below the upper boundary of the channel as the price heads toward the 9-day and 21-day moving averages. However, the Bitcoin price did not stay up for long because of an immediate reversal. Therefore, the daily chart reveals that the market may experience a slight bearish movement. Bitcoin Price Prediction: Would BTC Rebound Above the Channel? At the time of writing, the Bitcoin price is hovering at $43,074 with a loss of 1.18% on the day. The trading is likely to face a downtrend as the technical indicator Relative Strength Index (14) moves to cross below 60-level. It is important that the bulls must reclaim the position above $45,000 as this would allow them to focus on higher levels towards $48,000. On the other side, continued declines under the short-term support at $42,000 could easily open the way to the south. Meanwhile, the breakdown towards $40,000 is not out of the picture because the losses in the last 24 hours show that BTC/USD may not be technically ready for the breakout above $60,000 but the king coin can still make an attempt to regain ground and any bullish movement to the upside may push the coin to the resistance level of $50,000, $52,000, and $54,000 while the supports lie at $39,000, $37,000, and $35,000 respectively. BTC/USD Medium – Term Trend: Bearish (4H Chart) According to the 4-hour chart, the Bitcoin price is now hovering within the 9-day and 21-day moving averages. However, if the price drops and move below the 21-day MA, it could reach the nearest support levels at $41,500 and below. BTCUSD – 4 Hour Chart Moreover, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price may likely reach the potential resistance level of $45,500 and above. Now, the market is likely to rebound as the technical indicator Relative Strength Index (14) stays above 60-level. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy Bitcoin How to buy Cryptocurrency Join Our Telegram channel to stay up to date on breaking news coverage