Bitcoin Price Prediction – March 21
The Bitcoin price prediction follows the bearish movement as the price drops below the resistance level of $41,578.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $36,000, $34,000, $32,000
BTC/USD is experiencing another sell-off today as the market price slides below the opening price of $41,287. The king coin is seen falling and heading towards the support level of $40,000, but a reversal may come to play for the first digital asset, which may send it above the daily high of $41,578 level.
Bitcoin Price Prediction: Bitcoin (BTC) May Hit $45k Resistance
At the time of writing, the Bitcoin price movement is ranging as the technical indicator Relative Strength Index (14) may continue to move sideways. This could mean that there is still room for the coin to decide on the next direction. Therefore, BTC/USD may follow the downtrend if the market price crosses below the 9-day and 21-day moving averages.
However, from the upside, recovery may not come now but any attempt to rebound towards the upper boundary of the channel, the king coin may negate the bearish scenario and allow for an extended recovery towards the resistance levels of $47,000, $49,000, and $51,000. However, any bearish movement may force the Bitcoin price to the support levels of $36,000, $34,000, and $32,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, the Bitcoin price slide below the 9-day and 21-day moving averages. The chart reveals that the coin may not survive the $41,000 support as the market prepares for more downtrend if it moves toward the lower boundary of the channel. But, on the contrary, the Bitcoin price is likely to return to the bull market if the 9-day MA crosses above the 21-day MA which could push the coin to the resistance level of $43,000 and above.
Moreover, if the price faces the south, the support level of $40,500 may not be able to hold the selling pressure as the technical indicator Relative Strength Index (14) may cross below 50-level. Therefore, the king coin is likely to touch the critical support at $40,000 and below.
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