Bitcoin Price Prediction – March 31
The Bitcoin price prediction reveals that BTC is showing signs of market correction as its price moves below $48,000 to touch the low of $46,228.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $54,000, $56,000, $58,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD is hovering below the resistance level of $48,000 level as the price moves toward the 9-day and 21-day moving averages. For the time being, the consolidation could be coming into focus according as revealed by the technical indicator which shows that the king coin may drop more before revisiting the upper boundary of the channel again.
Bitcoin Price Prediction: Bitcoin (BTC) Could Rebound to the Upside
According to the daily chart, the Bitcoin price is changing hands at $46,389, which could mark a significant rally within the channel. However, where BTC trends next may depend on whether or not sellers can close today’s candle below the $46,000 level. Meanwhile, should in case this comes to play, it may drag the prices lower. More so, looking at the daily chart, traders may expect the king coin to fall below $45,000 support which could later move towards the critical support levels at $42,000, $40,000, and $38,000.
On the contrary, if the Bitcoin price failed to close below the $46,000 level; the price may remain above the 9-day and 21-day moving averages. More so, gaining more positive moves could send the price to the resistance levels of $54,000, $56,000, and $58,000. On the contrary, the technical indicator Relative Strength Index (14) recently reveals a sign of trend reversal, which shows a possible bearish momentum in the market soon.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $46,574 below the 9-day and 21-day moving averages after a reversal from $47,624 where the market touches today as the Bitcoin price moves near the lower boundary of the channel.
Nevertheless, if the buyers step back into the market, they can easily push the price to cross above the upper boundary of the channel which could take the market price to $49,000 and above. Meanwhile, the Relative Strength Index (14) is likely to cross below the 50-level and any further bearish movement to the south may bring the price to the support level of $45,000 and below.
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