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Bitcoin Price Prediction: BTC/USD Touches $10,000; Can It Climb Again?

Bitcoin (BTC) Price Prediction – February 23

On the daily chart, the BTC/USD is seen moving above $9,800, the coin must be able to climb above the $10,000 resistance to continue higher.

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

Key levels:

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

Support Levels: $9,000, $8,800, $8,600

BTCUSD – Daily Chart

BTC/USD has recently started to mount an extremely strong recovery, bouncing from $9,667 to where it is currently trading. A few hours ago, the leading cryptocurrency hit $10,055. Over the last three days, the bears have taken full control of the market. The price dropped from the $10,500 level to $9,280 support level but the coin is seen surging back to the $9,900 resistance level.

As of now, the market price for BTC/USD is trading around the 9-day and 21-day moving averages. The next resistance levels lies at $10,500, $10,700 and $10,900. Typically when the new uptrends are beginning to form, traders will use the upper boundary of the channel as a pivot resistance point to gauge the strength of the trend.

Moreover, if the bulls failed to move the BTC price upward; we may see a price cut to $9,500 vital support. A further low drive could bring the price to $9,000, $8,800 and $8,600 supports. At the time of writing, the bulls are still defending critical support. But as things stand, the Bitcoin price is rising as the technical indicator RSI (14) is moving towards the 60-level.

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

After the crypto faced a short period of upward movement within its previously established trading, Bitcoin bears are now making an attempt to step back into the market pushing the BTC price below its previous price level that existed around $10,027 to $9,856. Although the Bitcoin price has not yet slipped below $9,800, it’s still in the loop of making a bounce back.

BTCUSD – 4 Hour Chart

At the moment, BTC/USD is currently moving within the channel but above the 9-day and 21-day moving averages. The upward movement may likely push the price across the upper boundary of the channel to reach the nearest resistance at $10,200, $10,400 and $10,600 levels while the immediate and critical support lies at $9,600, $9,400 and $9,200. The stochastic RSI is extremely within the overbought zone.

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.