Bitcoin Price Forecast – March 1
Bitcoin price forecasts show BTC hitting resistance at $44,000 as the recovery gradually arrives.
BTC/USD long-term trend: bearish (daily chart)
Resistance levels: $49,000, $51,000, $53,000
Support levels: $35,000, $33,000, $31,000
BTCUSD – Daily Chart
At the time of writing, BTC/USD is trading at $43,257 after spiking above its 9-day SMA and 21-day moving average and crossing the upper limit of the channel. After hitting a daily high of $43,757 during today's European session, the first digital asset has also retreated and could fall if shorts return to the market.
Bitcoin Price Forecast: Bitcoin (BTC) Likely Rangebound
The daily chart shows that the Bitcoin price must stay above the 9-day and 21-day moving averages, otherwise a bearish breakdown could occur when BTCUSD falls below that mark. At the time of writing, the red line of the 9-day SMA and the green line of the 21-day SMA are about to cross-rank each other as the technical indicator Relative Strength Index (14) prepares to break above 60.
However, if the market price breaks above $45,000, BTC/USD will confirm the bullish trend. At the same time, if the price falls back below the moving averages and faces the lower limit of the channel, the bitcoin price could follow a bearish trend. If this happens, Kingcoin could fall to the key support levels of $35,000, $33,000 and $31,000. Otherwise, a strong bullish spike could push the price to resistance levels of $49,000, $51,000 and $53,000.
BTC/USD medium-term trend: volatile (4H K-line chart)
Looking at the 4-hour chart, bitcoin price is currently breaking the upper limit of the channel. If the price continues to rise further, it could reach the nearest resistance level at $46,500 and above.
BTCUSD – 4 hour chart
In addition, if the shorts push the token below its 9-day and 21-day moving averages, BTC/USD could reach the nearest support level of $40,000 and below. Currently, the technical indicator Relative Strength Index (14) is moving within overbought territory, suggesting sideways consolidation in the market.
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