BTC/USD May Not Go Beyond $40,000 Level
Bitcoin Price Prediction – March 12
The Bitcoin price prediction is hovering below the moving averages as of late, with the daily low being located around the $38,654 level.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $44,000, $46,000, $48,000
Support Levels: $35,000, $33,000, $31,000
BTC/USD is trading bullishly below the 9-day and 21-day moving averages. The king coin is likely to resume a downtrend if the 9-day MA crosses below the 21-day MA. However, until the bulls break above the 9-day moving average, the king coin is likely to face a prolonged sideways move.
Bitcoin Price Prediction: Bitcoin (BTC) May Fall to rising Again
At the time of writing, the Bitcoin price is trading up with a gain of 1.00% at its current price of $39,121. However, the current market movement could mark a slight decline, and the coming days may continue to bring the price to the negative side, as it could stay below the moving averages.
Nevertheless, the Bitcoin (BTC) remains below the moving averages, with bulls pushing the price towards the north but any further bullish movement above this barrier may take the price to the resistance levels of $44,000, $46,000, and $48,000 while the support levels could be located at $35,000, $33,000, and $31,000 as the technical indicator Relative Strength Index moves below 50-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart reveals that the resistance at the $40,000 has been too heavy for the bulls to overcome as the price is now struggling in a consolidation mode and this has made the cryptocurrency remain at the downside. Meanwhile, as the coin trades around the 9-day moving average, moving towards the lower boundary of the channel could hit the support at $36,000 and below.
However, the Bitcoin price is roaming around $39,139.66 as bulls are pushing the price towards the 21-day moving average. More so, the resistance level of $42,000 and above may come into play if the technical indicator Relative Strength Index (14) crosses above 50-level.
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