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Bitcoin Price Prediction: BTC/USD Smashes Below $8,800; Price May Drop Further

Bitcoin (BTC) Price Prediction – February 29

The force towards $8,000 is stronger than ever but the bulls intend to barricade $8,400.

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

Key levels:

Resistance Levels: $9,500, $9,700, $9,900

Support Levels: $8,000, $7,800, $7,600

BTCUSD – Daily Chart

BTC/USD has been struggling to maintain its position above $8,800 but its price saw another dive below the $8,700 mark today. The Bitcoin (BTC) is in a dangerous position as the price slipped below the critical support levels. If the breakthrough is confirmed, the downside momentum will gain traction with the next focus on $8,500. At the time of writing, Bitcoin was trading below the moving averages of 9-day and 21-day at $8,643.35.

Moreover, as the coin is displaying an intraday loss of 0.79%. The prevailing trend is bearish with expanding volatility. Therefore, a break down below the lower boundary of the channel may likely continue in the direction of the previous trend. Looking at the daily chart, since the green-line of 21-day MA is moving above the red-line of 9-day MA, the coin may continue to follow the downward trend.

However, should BTC price failed to move up; we may see a price cut to $8,300 vital support. A further low drive could send the price to $8,000, $7,800 and $7,600 support levels while the resistance levels to watch are $9,500, $9,700 and $9,900. The RSI (14) indicator suggested a continuous bearish movement as the signal line moves below 40-level.

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

Looking at the 4-hour chart, the Bitcoin price is currently moving below the 9-day and 21-day moving averages at $8,633.13. If BTC/USD does not reverse upwards and gain ground above the moving averages, the sellers are likely to exert more pressure, forcing the bulls down a painful path towards $8,300, $8,100 and $7,900 support levels.

BTCUSD – 4 Hour Chart

However, a possible bullish swing may push the Bitcoin price towards the resistance levels of $9,000, $9,200 and $9,400 before we can start to feel a bullish comeback within the market movement. In fact, a clear break above the $9,500 might give us a buy signal in the medium-term. Otherwise, the market will remain in a bearish condition.

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.