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Bitcoin Price Prediction: BTC/USD Struggles to Break $38,000 Level

Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin Price Prediction – February 22

The Bitcoin price prediction shows BTC rebounding from the daily low of $36,350 as the buying interest may increase towards $40,000.

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

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $32,000, $30,000, $28,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD may continue to fall if the market price stays below the 9-day and 21-day moving averages. However, as the market establishes a move towards the resistance level of $38,000, the buyers may continue to look for additional resistance levels on their way to the 9-day moving average.

Bitcoin Price Prediction: BTC Price May Reclaim $40,000 Resistance

According to the daily chart, after the Bitcoin price begins the daily trade at $37,022, the king coin is now trading above the resistance level of $37,500 and looking forward to reclaiming more resistance levels. Moreover, the daily chart reveals that as the 9-day moving average is crossing below the 21-day moving average; it may confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the price breaks toward the lower boundary of the channel, but it could rise if the $40,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 40-level to indicate a bullish movement. Meanwhile, if the king coin crosses above the moving averages, it could reach the resistance levels of $42,000, $44,000, and $46,000 but any movement towards the lower boundary of the channel could hit the supports at $32,000, $30,000, and $28,000.

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

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day moving average as the technical indicator Relative Strength Index moves to cross above 40-level. However, if the Bitcoin price moves toward the upper boundary of the channel, the bullish influence could spike and the acquired more gains.

BTCUSD – 4 Hour Chart

However, should in case the current candle fail to move bullishly, the Bitcoin price may slide towards the support level of $36,000 and below. Furthermore, the bulls may need to keep the coin above the resistance level of $38,000 in other to break the potential resistance at $40,000 and above.

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