Bitcoin Price Prediction: BTC/USD Stays Above the Moving Averages; Recovery May be Limited by $55,000 Level

Bitcoin (BTC) Price Prediction – March 5

BTC/USD is up by more than 6.94% as the price struck a sudden and bullish price spike.

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

Key levels:

Resistance Levels: $62,000, $64,000, $66,000

Support Levels: $48,000, $46,000, $44,000

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD is pushing the price above the crucial resistance level of $56,500. The coin is moving towards $57,000 to trade at $56,914 at the time of writing. However, the number-one crypto is moving with strong bullish momentum after a sustainable break above an important technical level. Meanwhile, BTC/USD has gained over 6% since the beginning of the day as it is currently using $53,000 support as a jumping-off ground to develop the upside momentum, which is now gaining traction.

What to Expect from Bitcoin (BTC)

As the king coin stays above the moving averages, the return below $57,000 could set the framework for gains towards $60,000. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending RSI (14) is considered. Therefore, any further bullish movement towards the upper boundary of the channel could pave the way for gains above $58,500 before reaching the resistance levels of $62,000, $64,000, and 66,000.

Looking at the downside, if the price falls back below the $55,000 level and move to cross below the lower boundary of the channel, the bears may wrestle out control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next critical support may come at $52,000, which may be followed by $48,000, $46,000, and $44,000 support levels.

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

The 4-hour chart reveals that the market is showing a sign of weakness as the price couldn’t stay above the moving averages. However, the intraday trading is looking bullish; following the recent rebound at $53,000 which is the key support level. If the coin trades below the moving averages, it could meet the next key support level at $55,000 and below.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $57,000 resistance. A climb above the mentioned resistance may further push BTC price to the resistance level of $59,000 and above. In other words, the technical indicator RSI (14) faces down, suggesting downward movement.

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.