{"id":252468,"date":"2020-02-27T01:46:38","date_gmt":"2020-02-27T06:46:38","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=252468"},"modified":"2020-02-27T01:46:38","modified_gmt":"2020-02-27T06:46:38","slug":"bitcoin-price-prediction-btc-usd-plummets-below-8800-could-see-a-violent-movement","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-usd-plummets-below-8800-could-see-a-violent-movement","title":{"rendered":"Bitcoin Price Prediction: BTC\/USD Plummets Below $8,800; Could See a Violent Movement"},"content":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 February 27<\/strong><\/p>\n

The Bitcoin (BTC) bears are steadily pushing the price below $8,800 which is the critical technical support for the market.<\/p>\n

BTC\/USD Long-term Trend: Bullish (Daily Chart)<\/h4>\n

Key levels:<\/p>\n

Resistance Levels: $10,000, $10,200, $10,400<\/p>\n

Support Levels: $7,800, $7,600, $7,400<\/p>\n

\"\"<\/a>
BTCUSD – Daily Chart<\/figcaption><\/figure>\n

BTC\/USD<\/a> has experienced an incredibly bearish price action in the past 24 hours, the cryptocurrency losing support below $8,800 and entering a downward trend as the bears try to erase much of the recent BTC gains. At the time of writing, Bitcoin is trading down over 0.70% at its current price of $8,790, which marks a notable decline from a daily high of $9,369 region and an intense drop from the weekly high of over $10,000.<\/p>\n

However, the reason for the on-going sell-off seems to have been the cryptocurrency\u2019s swift rejection at $10,000 that it faced this past weekend, which seems to confirm the bearish structure of the market which was developing as a result of its flash crash that was seen exactly a week ago. Following the short-term bearish scenario; the RSI (14) signal line is still below the 40-level and the next level of supports for Bitcoin lies at $7,800, $7,600 and $7,400.<\/p>\n

Moreover, if the market can find mid-term support between the ranges of $9,300 \u2013 $8,700 area, traders can then expect insane price growth to the $10,000 and beyond. For now, there\u2019s a need for a clear cross above the 9-day and 21-day moving averages that may push the price towards the resistance levels of $10,000, $10,200 and $10,400 before we can start to consider a bullish surge in Bitcoin\u2019s price.<\/p>\n

BTC\/USD Medium – Term Trend: Bearish (4H Chart)<\/h4>\n

Looking at the 4-hour chart, the Bitcoin price is exchanging hands below the $8,800 for the first time since the beginning of February. If BTC\/USD does not reverse upwards and gain ground above the moving averages, the sellers are likely to exert more pressure, forcing the bulls down a painful path towards $8,400, $8,200 and $8,000 support levels.<\/p>\n

\"\"<\/a>
BTCUSD – 4 Hour Chart<\/figcaption><\/figure>\n

However, as the RSI (14) is making an attempt to move out of the oversold zone and to consider a possible bullish swing, we may need to see BTC\/USD touches at $9,100, $9,300 and $9,500 resistance levels before we can start to feel a bullish comeback. In fact, a clear break above the $9,800 might give us a buy signal in the medium-term. Otherwise, the market will remain in a bearish condition.<\/p>\n

Please note:<\/strong> Insidebitcoins.com<\/a> 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) Price Prediction \u2013 February 27 The Bitcoin (BTC) bears are steadily pushing the price below $8,800 which is the critical technical support for […]<\/a><\/div>","protected":false},"author":1742,"featured_media":252469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,5319,7991,7992],"acf":[],"yoast_head":"\nBitcoin Price Prediction: BTC\/USD Plummets Below $8,800; Could See a Violent Movement<\/title>\n<meta name=\"description\" content=\"The Bitcoin (BTC) bears are steadily pushing the price below $9,000 which is the critical technical support for the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/252468\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Prediction: BTC\/USD Plummets Below $8,800; 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