Bitcoin Price Prediction: BTC/USD Slumps Below $45,000, Price May Drop MoreAvatar

Bitcoin Price Prediction (BTC) – February 26

The Bitcoin price is down from $57,577 to $44,150 in the last 5 days. No quick recovery seems possible for the coin at the moment.

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

Key levels:

Resistance Levels: $55,000, $57,000 $59,000

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

BTCUSD – Daily Chart

BTC/USD is currently facing a setback as this might not be a permanent one. The coin is likely to have a bullish run in the short-term but a price rally may help the coin to touch its daily high. Currently, Bitcoin is trading around $46,897 level after a free fall from $47,822 a few hours back and the coin has shown tremendous volatility over the past few days.

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What is the Next Direction for Bitcoin?

Looking at the daily chart, for the coin to touch the low of $44,000 today, if the price should slump below the $40,000 support level, the $36,000 mark could be an important zone to keep an eye on. Therefore, crossing below the lower boundary of the channel could hit the supports at $38,000, $36,000, and $34,000, making room for BTC to fall even further.

On the other hand, the technical indicator RSI (14) for the coin is hovering around the 50-level as trading volume is fading out. If the king coin decides to move the price above the moving averages, BTC/USD may see resistance levels at $55,000, $57,000, and $59,000. Nevertheless, Bitcoin is still expected to bounce back above $50,000 in order to complete the second part of its correction.

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

A few weeks ago, Bitcoin’s price surges upward catapulting its price to touch the high of over $58,000. After this sudden rise, the coin started dropping in price to where it’s trading currently at $46,785. Therefore, should the market price drops further; it could reach the nearest supports at $42,000, $40,000, and $38,000 respectively.

Moreover, if the bulls push the coin above the upper boundary of the channel, the price of Bitcoin could hit the resistance at $50,000 before heading to the potential resistance levels of $52,000, $54,000, and $56,000. More so, the market is likely to follow a bullish trend as the RSI (14) indicator moves to cross above 40-level

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