Bitcoin Price Prediction: BTC/USD Rises Above USD 44,000

BTCUSD 1D 23032022

Bitcoin Price Prediction – March 24

Bitcoin price retested the $42,627,000 support level as it now rises, but it needs to stabilize above $44,000 for a steady rise.

BTC/USD Long-Term Trend: Bullish (Day Chart)

Key Levels:

Resistance Levels: $48,000, $50,000, $52,000

Support Levels: $38,000, $36,000, $34,000

BTCUSD – Daily Chart

BTC/USD is recovering higher from its opening price at $42,899, and the first digital asset must clear a $44,000 resistance above the 9-day and 21-day moving averages to start another rise in the near term. Looking at the daily chart, traders could see that BTC has not yet moved above the channel. The implication is that the market may fall to retest the USD 42,500 support. This is possible if the sellers reclaim the crucial support level of $42,000 and in most cases, sellers may find penetration at this level difficult.

Bitcoin Price Prediction: Would BTC Climb Higher This Time?

As shown by the daily chart, Bitcoin price rose to a new weekly high reaching the $44,241 resistance level. In the meantime, traders could see that Bitcoin price has continued to converge above the key $44,000 level. The 9-day MA trendline is above the green trendline of the 21-day MA as they prepare to look north. The Relative Strength Index (14) is moving above the 60 level in an attempt to likely cross north.

The first major resistance is near the $45,000 level while the main resistance is still near the $44,000 level. Therefore, a clear break above the $46,000 level could set the pace for a larger rise towards the $48,000, $50,000 and $52,000 resistance levels. On the contrary, if Bitcoin price does not clear the $44,000 resistance, it could start another decline as the initial downside support is near the $42,000 level. If there is a downward breach below the $42,000 support and $40,000, the price could start a sharp decline towards the $38,000, $36,000 and $34,000 support levels, respectively.

BTC/USD Medium Term Trend: Bullish (4H Chart)

The 4-hour chart for BTC is looking bullish as the market shows a sign of a bullish trend since the daily open. However, intraday trading still looks bullish; after the recent rally of $43,789, which is now a key support level. The next key support levels are $42,500 and below.

BTCUSD – 4 Hour Chart

However, given the recent sharp rally, Bitcoin price may continue the bullish rally as high as a $44,000 resistance. A climb above the mentioned resistance could push BTC price further towards the $45,500 resistance levels and above. As it stands, the Relative Strength Index (14) is now being revealed to be moving around the 70 level, suggesting a sideways move.

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