Bitcoin Price Prediction: BTC/USD Bounces Above $47,000 Resistance Level
Bitcoin Price Prediction – March 28
The Bitcoin price prediction gains 1.49% as bulls keep working hard to nurture a bullish trend from the support at $45,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $43,000, $41,000, $39,000
BTC/USD is currently trading at the $47,547 resistance level. The market price is trading above the 9-day moving average, indicating an upward movement in cryptocurrency. For the past few days, the Bitcoin price has been moving towards the north.
Bitcoin Price Prediction: Will BTC Break Above $50,000 Resistance Level or Reverse?
According to the daily chart, if the Bitcoin price retains the upward movement above the 9-day and 21-day moving averages, it is likely for the market price to touch the $50,000 level. This is where traders should expect buyers to fight for a further rise in BTC/USD and further development of the bullish trend. However, the purpose of this movement is to provide a level of resistance close to $48,000 as the technical indicator Relative Strength Index (14) moves to cross into the overbought region.
Looking at the price movement, there is likely that BTC/USD experiences a quick retracement or sell-off just in case it touches the crucial $45,000 level but if not; traders may see additional resistance levels of $52,000, $54,000, and $56,000 respectively. On the downside, if the market decides to fall, the price of Bitcoin could fall below the 9-day MA at $44,000, and if that support fails to hold the sell-off, BTC/USD could see a further decline towards the support levels of $43,000, $41,000, and $39,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
On the 4-hour chart, BTC/USD is well and truly in the overbought region but that doesn’t seem to be impacting the momentum much, which implies hype and greed may be fuelling this rise as opposed to technical factors. Because of this, prices may fall as sharply as they have risen if the coin shows any weakness at the $48,000 resistance level.
According to the Relative Strength Index (14), traders may experience a trend reversal as the Bitcoin (BTC) may break below the 9-day moving average and start printing consecutive higher lows. More so, BTC/USD is currently in the middle of a consolidation, preparing for the next move. Breaking above the channel may push it to the potential resistance levels at $50,000 and above while the support could be located at $46,000 and below.
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