Bitcoin Price Forecast – February 23
Bitcoin price prediction hits the $39,000 resistance level as it is now rising but should remain above that level for a steady rise.
BTC/USD Long Term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $33,000, $31,000, $29,000
BTCUSD – Daily Chart
BTC/USD is currently rebounding from the $37,555 support zone as Bitcoin price needs to break through both the 9-day and 21-day moving averages to keep the uptrend intact. The daily chart reveals that the king coin has yet to come close to the 9-day MA, and this could mean that the Bitcoin price could drop to retest the $37,000 support.
Bitcoin Price Forecast: Would Bitcoin Price Continue To Rise?
As per the daily chart, Bitcoin price continues to approach the upside as the coin starts a new bullish move on a new note. Meanwhile, traders could see that Bitcoin price continued to converge above the key $38,500 level. The Relative Strength Index (14) moves towards level 50 in an attempt to likely cross back north. This signals that the return of an uptrend may happen.
However, the first major resistance is near the $40,000 level, so a clear break above the $42,000 level could set the pace for a bigger rise to the $45,000, $47,000 and $47,000 resistance levels. US$49,000. On the contrary, if Bitcoin price fails to overcome the $38,000 resistance, it could start a new decline as initial support on the downside is near the $36,000 level. If there is a break below the $35,000 and $34,000 support, the price could see a sharp decline towards the $33,000, $31,000 and $29,000 support levels respectively.
Average BTC/USD – Term Trend: Bearish (4H Chart)
The 4-hour BTC chart shows that the coin is following a sideways movement as the coin breaks through the 9-day and 21-day moving averages. Any further bullish moves could hit the key resistance level at $42,000 and above.
BTCUSD – 4-hour chart
However, considering the recent sharp rally, Bitcoin price could bounce back above the $38,000 resistance. A rally above the mentioned resistance could further push the BTC price towards the $42,000 resistance level and above. As it has now appeared, it appears that bulls would return to the market as the Relative Strength Index (14) moves above the 50 level, suggesting a bullish move.
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