Bitcoin Price Prediction – March 26
The Bitcoin price shows weakness at $42,500, but this crucial technical formation could elevate it above $45,000 resistance.
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BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $49,000, $51,000, $53,000
Support Levels: $40,000, $38,000, $36,000
In the last couple of days, BTC/USD stalled under $44,000. On the downside, immense support between $43,000 and $41,000 has ensured the bearish leg does not stretch further as the Bitcoin price has been pivotal at $44,000 causing it not to be able to make progress above this critical level. Meanwhile, Bitcoin (BTC) has been working on a recovery mission with a support level of $43,000.
Bitcoin Price Prediction: Where Would Bitcoin Go Next?
The Bitcoin price is moving above the crucial level of $44,000 which may now function as the support zone in the event a reversal occurs. Meanwhile, on the upside, as the coin moves toward the north, little is in place to prevent correction targeting the key resistance of $45,000 as the technical indicator Relative Strength Index (14) moves above 60-level.
However, as the daily chart reveals, BTC/USD is banking on the support at $44,000 and $46,000 to ensure that despite a reversal, the Bitcoin price stays above the $42,000 level. Moreover, if the coin continues to trade above the 9-day and 21-day moving averages, crossing above the upper boundary of the channel may likely push it to the resistance levels at $49,000, $51,000, and $53,000 while crossing below the lower boundary of the channel could locate the supports at $40,000, $38,000, and $36,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
The 4-hour chart shows that the price may likely head to the downside as the Relative Strength Index (14) moves to cross below 60-level. Although, the bears are trying to come back into the market; it is high time for the bulls to defend the $44,000 support and push the price towards the north.
Meanwhile, the support level of $42,000 and below may come into play if the price breaks below the lower boundary of the channel. But in as much as the red-line of 9-day MA remains above the green-line 21-day MA; the market may continue to follow the upward trend, and if the technical indicator RSI (14) crosses above 70-level, it could touch the resistance level of $46,500 and above.
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