Bitcoin Price Prediction: BTC/USD Signals A Dip To $8,300 As Price Drops Below Key Support Author: Azeez Mustapha Last Updated: 01 March 2020 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.