Bitcoin Price Prediction: BTC/USD Swings Above $40,000 Resistance
Bitcoin Price Prediction – February 28
The Bitcoin price prediction shows that BTC may restart the uptrend after touching the daily high of $41,995.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $32,000, $30,000, $28,000
BTC/USD looks green today as the price hovers above the 9-day and 21-day moving averages. However, a daily close above the upper boundary of the channel may increase the Bitcoin price to the resistance level of $45,000. Nevertheless, traders should note that a consistent price increase may bring more buyers into the market as bulls increase their positions.
Bitcoin Price Prediction: Price May Initiate a Price Hike
According to the daily chart, after the Bitcoin price touches the daily high of $41,995, the first digital asset is now looking forward to touching another resistance level of $42,000. Therefore, if the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average, this will keep the first digital asset on the positive side.
On the contrary, bears may bring the market price back below the 9-day moving average if the bulls fail to push it to the upside. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 60-level which could take the king coin to the resistance levels of $48,000, $50,000, and $52,000 but if the market price retreats and move towards the lower boundary of the channel, it may bring the price to the supports at $32,000, $30,000, and $28,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is hovering above the 9-day and 21-day moving averages as the king coin moves toward the upper boundary of the channel which could reach the resistance level at $45,000 and above.
On the contrary, if the sellers drag the market downward, traders can expect a fall below the 9-day and 21-day moving averages, and breaking this barrier could bring the price to hit the support level of $39,000 and below. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross into the overbought region, suggesting more bullish signals.
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