Bitcoin Price Prediction: BTC/USD Slumps Below $35,000 Level
Bitcoin Price Prediction – February 24
The Bitcoin price prediction retreats from the opening price at $37,268 but bulls may have trouble taking the market price to the upside.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $30,000, $28,000, $26,000
At the time of writing, BTC/USD is trading down by 6.09% at its current price of $34,997. Moreover, where the coin may go next could depend on whether or not bulls can take control of it before it breaks below $34,000 or $32,000.
Bitcoin Price Prediction: What to Expect from BTC
On the upside, the Bitcoin price may continue to face down near the $34,000 zone. A clear close below this level could start a strong selling pressure and could probably push the king coin to the nearest support at $33,000. In the other words, the next target for the bulls could be $40,000 in the near term. Any more gains could lead the price towards the $42,000, $44,000, and $46,000 resistance levels.
However, if the Bitcoin fails to rebound to the resistance level of $35,000, it could correct lower and the first key support is located around the $32,000 level. If the bulls fail to defend the $31,000 support zone, the price is likely to dive towards the $30,000, $28,000, and $26,000 support levels as the technical indicator Relative Strength Index (14) moves to cross into the oversold region.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-Hour chart, the BTC price hovers around $35,339 and may take time to persistently trade above $36,000. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $38,000 and $40,000 resistance level.
On the downside, immediate support is around the $34,000 level while the main support is at the $33,000 level. The price may likely fall below the lower boundary of the channel if the bears step back into the market, a further movement could test the critical support at the $32,500 and below. Technically, the technical indicator Relative Strength Index (14) remains below 40-level, suggesting that more bearish signals may come into play.
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