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Bitcoin Price Prediction: Is $7,600 Bottom for BTC/USD Before a Possible Rise?

Bitcoin (BTC) Price Prediction – March 9

BTC/USD saw a 3.94% price collapse within 24-hours of trading as the cryptocurrency drops beneath $8,000.

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

Key levels:

Resistance Levels: $9,000, $9,500, $10,000

Support Levels: $6,700, $6,200, $5,700

BTCUSD – Daily Chart

BTC/USD, over around a couple of days, has washed off all the gains that it managed over a little less than two months. The price of Bitcoin (BTC) broke below $8,000 during the early hours of trading and tested $7,789 support. At the moment, the top cryptocurrency is changing hands at $7,950. The Bitcoin (BTC) has lost over 18% since Friday amid massive sell-off on the cryptocurrency markets. In addition, BTC/USD is trading under the 9-day and 21-day moving averages.

More so, after moving close to $8,000 for three or four hours, the coin finally lost the support of $8,000, dipping as low as $7,720 at the time of writing. We can expect a rollback to the January 3 recovery area at $6,900 if the bears continue to step into the market. But before then, the $7,500 and $7,000 are the nearest key support levels, although this particular level may be tested in the nearest term.

Meanwhile, the $9,000, $9,500 and $10,000 levels are now presented as resistance for the market. On the intraday outlook, BTC is still following the bearish movement. A daily candle closes beneath the $7,500 could lead to a significant price drop while a further low drive could send the price to $6,700, $6,200 and $5,700 support. The technical indicator MACD remains within the negative side, which shows a possible more bearish momentum may continue to play out.

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

Looking at the 4-hour chart, the bears have been dominating the market tremendously, but the bulls are trying to defend the $7,700 support as well. Meanwhile, the $7,200 and below may come into play if BTC breaks below the mentioned support.

BTCUSD – 4 Hour Chart

However, in as much as the buyers can reinforce and push the market towards the north, traders can expect a retest at $8,000 resistance level and breaking this level may further allow the bulls to reach $8,300 and above. Nevertheless, the technical indicator is still on the negative side, which indicates more bearish signals.

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.