Bitcoin Price Prediction: Once Again, BTC/USD Dips Below $5,000; Confirms the Bearish Pull

Bitcoin (BTC) Price Prediction – March 16

Bitcoin is fluctuating in the $4,562 area and traders have so far been bearish as global markets remain deep in the red zone.

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

Key levels:

Resistance Levels: $6,800, $7,000, $7,200

Support Levels: $3,100, $2,900, $2,700

As global markets remain in the red, BTC/USD continues to fall. Within several hours, the flagship cryptocurrency slid from $5,405 to around $4,500 mark. The price is now fluctuating around $4,562. The Bitcoin price crashes below the immediate support as it breached a $5,000 price area. Taking a glance at the price movement of Bitcoin against the USD, we see that the coin had almost a flat movement with a few intermittent highs and lows over the past 48 hours.

According to the chart, Bitcoin is forming a bearish pennant pattern. This pattern, when formed, signals a continuation of the former trend before the consolidation began. Bitcoin price is still under great risk of breakdown especially if the pattern support is shattered. Moreover, it could be catastrophic for BTC/USD if support at $4,500 gives in, which would encourage more selling, forcing BTC/USD down a painful path with a bearish target on $3,000.

However, BTC/USD is strongly supported at the various former resistance levels include $5,000, $4,800 and $4,600. Nevertheless, the bulls are also banking on the support at $3,100, $2,900 and $2,700 to ensure that in spite of a reversal, the Bitcoin price stays above $5,000 level. Similarly, the nearest resistance levels to watch for are $6,800, $7,000 and $7,200 respectively. Meanwhile, the RSI (14) is still within the oversold conditions.

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

On the 4-Hour chart, BTC price hovers around $4,658 and may take time to persistently trade above $5,000. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $5,000 and $5,200 resistance level.

However, on the downside, immediate support is around the $4,500 level while the main support is at the $4,000 level. The price may likely fall below $3,700 if the bears step back into the market, a further movement could test the critical support at $3,500 level. Technically, Bitcoin is currently moving in sideways while the RSI (14) moves within the oversold zone, indicating an indecisive in the market movement.

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