Bitcoin Price Prediction: BTC/USD Recovers Above $49,000; Bullish Confirmation?

Bitcoin (BTC) Price Prediction – March 1

Bitcoin is currently trading towards the moving averages after the first digital asset took a dip from the resistance level of $58,000.

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

Key levels:

Resistance Levels: $54,000, $56,000, $58,000

Support Levels: $40,000, $38,000, $36,000

BTCUSD – Daily Chart

Once again, BTC/USD bulls are back in action today after staying under solid pressure over the last weekend. However, Bitcoin’s (BTC) price is up 9% as of writing this and is currently hovering above the $49,000 level. The cryptocurrency had been in a downtrend for the previous week as it dropped by over 25% to reach its weekly low yesterday at $43,000 support.

Where is BTC Price Going Next?

At the time of writing, BTC/USD is trading at $49,312 with a gain of 9.02% on the day. The trading is likely to cross above the 9-day and 21-day moving averages as the technical indicator RSI (14) moves above the 50-level. It is important that the bulls reclaim this barrier as this would allow them to focus on higher levels towards $52,000. On the other side, any declines below the lower boundary of the channel could easily open the way to the south.

Meanwhile, the breakdown towards $44,000 is not out of the picture because the losses in the last few days show that BTC/USD may not be technically ready for the breakout above $52,000. Looking at the daily chart, BTC/USD is making an attempt to regain ground by moving the market price to the next level. Moreover, any bullish movement above the moving averages may push the price to the resistance level of $54,000, $56,000, and $58,000 while the supports are located at $40,000, $38,000, and $36,000 respectively.

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

Looking at the 4-hour chart, the Bitcoin price crosses above the 9-day and 21-day moving averages within 24 hours. If the price continues to rise further and move above the upper boundary of the channel, it could reach the nearest resistance levels at $53,000, $55,000, and $57,000 respectively.

BTCUSD – 4 Hour Chart

Moreover, if the bears push the coin below the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the closest supports at $45,000, $43,000, and $41,000. Presently, the technical indicator RSI (14) is seen moving below the 60-level, crossing above it may confirm the bullish trend for the market.

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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.