BTC/USD Struggles to Break $38,000 Level

Bitcoin Price Prediction – February 22

The Bitcoin price prediction shows BTC rebounding from the daily low of $36,350 as the buying interest may increase towards $40,000.

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

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $32,000, $30,000, $28,000

BTC/USD may continue to fall if the market price stays below the 9-day and 21-day moving averages. However, as the market establishes a move towards the resistance level of $38,000, the buyers may continue to look for additional resistance levels on their way to the 9-day moving average.

Bitcoin Price Prediction: BTC Price May Reclaim $40,000 Resistance

According to the daily chart, after the Bitcoin price begins the daily trade at $37,022, the king coin is now trading above the resistance level of $37,500 and looking forward to reclaiming more resistance levels. Moreover, the daily chart reveals that as the 9-day moving average is crossing below the 21-day moving average; it may confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the price breaks toward the lower boundary of the channel, but it could rise if the $40,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 40-level to indicate a bullish movement. Meanwhile, if the king coin crosses above the moving averages, it could reach the resistance levels of $42,000, $44,000, and $46,000 but any movement towards the lower boundary of the channel could hit the supports at $32,000, $30,000, and $28,000.

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

According to the 4-hour chart, the Bitcoin price is seen rising above the 9-day moving average as the technical indicator Relative Strength Index moves to cross above 40-level. However, if the Bitcoin price moves toward the upper boundary of the channel, the bullish influence could spike and the acquired more gains.

However, should in case the current candle fail to move bullishly, the Bitcoin price may slide towards the support level of $36,000 and below. Furthermore, the bulls may need to keep the coin above the resistance level of $38,000 in other to break the potential resistance at $40,000 and above.

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