BTC/USD Nears $42,000 Support

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Bitcoin Price Prediction – March 23

The Bitcoin price forecast shows that BTC bulls are moving at various levels against the USD, hitting the $43,000 resistance level.

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

Key Levels:

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

Support Levels: $36,000, $34,000, $32,000

BTCUSD – Daily Chart

BTC/USD may resume its upward movement after hitting the daily low of $41,766 during today’s European session. Yesterday, Bitcoin price reached just over $43,000 before closing at $42,378. However, the price of the leading crypto asset is likely to move north by crossing the upper limit of the channel.

Bitcoin Price Prediction: BTC Price Struggles at $42,000, Now What?

According to the daily chart, Bitcoin price is now moving above the crucial levels that can now act as support zones in the event of a reversal. On the upside, as the coin moves and prepares to break above the channel, there is little in place to prevent a correction targeting the key USD 43,000 resistance as the Relative Strength Index technical indicator (14) moves around the 56 level.

Nevertheless, BTC/USD is counting on the $41,000 support to ensure Bitcoin price remains above the $42,000 level despite a reversal. Similarly, the potential resistance levels can be at $48,000, $50,000 and $52,000 while the support levels can be reached at 36,000, $34,000 and $32,000 respectively.

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

The 4-hour chart shows Bitcoin price fluctuating within the 9 and 21 day moving averages while the Relative Strength Index (14) moves below the 60 level. While bulls have been trying to push the price up for a while, the market is likely to experience more downward trends if the price moves below the 21-day moving average.

BTCUSD – 4 Hour Chart

Meanwhile, the support level of $40,000 and below may come into play as the king coin moves towards the lower limit of the channel. But if the buyers can put in more effort; they may push the price to cross the upper limit of the channel, where it could hit the target resistance level of $44,000 and above.

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