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Bitcoin Price Prediction: BTC/USD Re-Enters $9,700 Bullish Zone; Can It Get to $10,000?

Bitcoin (BTC) Price Prediction – February 21

The Bitcoin bulls are in control of the market for the second day in a row, following the 2 days ago massive bearish action.

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

Key levels:

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

Support Levels: $8,800, $8,600, $8,400

BTCUSD – Daily Chart

BTC/USD bulls return, pushing the price past $9,700. The bulls have taken control for the second straight day as they were able to push the price from $9,585 to $9,732 in the early hours of today. BTC/USD is back in the green after suffering a massacre that tested the ability of bulls to ensure losses and to focus their attention on levels above $10,000 but the coin touched the support level of $9,500 twice this week.

More so, the initial reversal hit highs above $10,300 but the selling pressure pushed the price back under $10,000. For now, the on-going recovery has just stepped above $9,700 and it is likely to zoom past the next resistance at $9,800 in readiness for the return above the coveted level at $10,000. The resistance levels to watch are $10,500, $10,700 and $10,900 as the RSI (14) aims for the 50-level.

Moreover, the reversal is making an attempt to take back the $9,300 support. Meanwhile, BTC/USD had stayed intact within the up-trending channel since the beginning of this year when the price dipped under $6,933. Despite the pullbacks that have been associated with the rally to high above $10,500, the coin has mostly contained both gains and losses in this channel but traders should keep an eye on $8,800, $8,600 and $8,400 support levels.

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

Looking at the 4-hour chart, BTC/USD is clearly facing a lot of resistance near the $9,700 and $9,800 level. A successful close above the $9,800 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $9,500 support. If there is a downward move, initial support is near the $9,400 level and the main support is near the $9,300 level and below.

BTCUSD – 4 Hour Chart

Furthermore, if there are more gains, the $9,700 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $9,700 resistance, the next stop for the bulls may perhaps be near the $10,000 resistance levels and above as the stochastic RSI is about recovering from the oversold condition, which indicates that a bullish trend may come into play.

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.