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Bitcoin Price Prediction: BTC/USD Signals A Dip To $8,300 As Price Drops Below Key Support

Bitcoin (BTC) Price Prediction – March 1

Bitcoin (BTC) declined more than $1,500 in the past few days. The coin is now facing a drop to $8,200 or $8,000 before a strong upward move in the coming days.

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

Key levels:

Resistance Levels: $9,600, $9,800, $10,000

Support Levels: $7,500, $7,300, $7,100

BTCUSD – Daily Chart

After forming a short term top, BTC/USD price dived below $9,000 and $8,800. The Bitcoin price is currently consolidating around $8,500, with a few bearish signals. However, the recent correction to the upward failed near the $8,758 level. It seems like Bitcoin bulls are struggling to gain momentum above the $8,800 level. There is also a key declining channel forming with resistance near $8,660 on the daily chart.

Moreover, on the downside, the $8,300 and $8,250 levels are initial supports. If the bulls fail to defend the recent low of $8,426, there is a risk of a sharp decline. The next key supports on the downside are near the $8,000 and $7,800 levels, where the bulls are likely to take a strong stand. But if the bulls fail to take a strong stand within this level, then, BTC/USD may drop further to the critical supports of $7,500, $7,300 and $7,000 respectively.

Nevertheless, if there is a clear break above the 9-day moving average, the Bitcoin price could test the $9,200 resistance level. If the bulls manage to gain strength above $9,200, there are chances of a decent recovery towards the $9,400 resistance area. The key breakout zone is near the $9,600, $9,800 and $10,000 resistance levels. Meanwhile, the MACD for BTC/USD is about to move into the bearish zone.

Therefore, the upsides may remain capped unless there is a solid recovery above the $9,200 and $9,300 levels.

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

At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $8,750 to reach around $8,588. Should the price continue to drop further and move below the channel, it could reach the nearest supports at $8,300, $8,100 and $7,900.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the potential resistance levels of $8,900, $9,100 and $9,300. At the moment, the market is indecisive as the RSI (14) indicator moves below the 40-level.

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.