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BTC/USD Risks Fresh Drop to $21,500 Support

2 years ago CryptoExpert
Bitcoin Price Prediction for Today, March 7: BTC/USD Risks Fresh Drop To $21,500 Support

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The Bitcoin price prediction reveals that BTC is yet to gain strength above the moving averages as the coin shows a few bearish signs.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $22,437
Bitcoin market cap – $431.8 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $27,000, $28,000, $29,000

Support Levels: $16,000, $15,000, $14,000

BTC/USD is hovering below the 9-day and 21-day moving averages as the king coin failed to cross to the positive side. The Bitcoin price could begin another decline if the price drops below the support level of $22,000. At the opening of today’s trading; the king coin touches the resistance level of $22,621, but any bearish movement below the daily low of $21,999 may keep the coin within the bearish zone.

Bitcoin Price Prediction: Would Bitcoin Head to the Downside?

As the Bitcoin price heads to the south, moving towards the lower boundary of the channel may begin to show bearish signs below the $22,000 and $21,800 levels. Moreover, if there are more losses, the price could break the major supports at $19,000, $18,000, and $17,000. Meanwhile, the technical indicator Relative Strength Index (14) is likely to move below the 40-level to increase the bearish movement.

On the other hand, if the king coin crosses above the 9-day and 21-day moving averages; it could begin a bullish movement as the main resistance level could be located around the $24,000 level, and a clear break above the upper boundary of the channel may push the price towards the resistance levels of $27,000, $28,000, and $29,000.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the Bitcoin price may gain the lost momentum to hit the trade above $22,500, but at the moment, the volatility still hovers, and the selling pressure exists, which could lead the king coin not to be able to cross above the 9-day and 21-day moving averages. Meanwhile, the $21,500 and below may come into play if BTC breaks below the lower boundary of the channel.

BTCUSD – 4-Hour Chart

However, if the buyers power the market, breaking above the moving averages may allow the bulls to reach the resistance level of $23,500 and above. The Relative Strength Index (14) is seen moving below 40-level, which shows that more bearish signals may play out.

Bitcoin Alternatives

The Bitcoin price has crossed the 9-day and 21-day moving averages downside meaning that the king coin is likely to follow the downside. The market price is closer to the moving averages which are parallel horizontally to the $22,000 price level to indicate that the BTC price is in the ranging mode. Meanwhile, the FGHT token continues to perform very well since the beginning of the presale, the token will need to stay relevant because the market could experience significant growth. However, the overall state of the market will also play a role in the price of FGHT as close to $5.5m has been made so far in the presale.

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