Bitcoin Price Prediction: Amid the ongoing correction in the crypto market, the Bitcoin price falls below the last swing high support of $24000 and $0.236 Fibonacci retracement level. Today, the falling BTC price displays a 4.65% loss which appears to be associated with the crypto-focused bank Silvergate share price downfall of over 57%. Thus, if the selling pressure persists, the coin price may revisit even the lower chart levels.

Key Points:

The ongoing correction phase breached the $22500 local support, indicating the BTC price is poised for a more 4% loss.
Bitcoin Crypto Fear & Greed Index wobbles around the neutral line(50%)
The intraday trading volume in Bitcoin is $31.4 Billion, indicating a 4.3% gain.

Bitcoin Price Prediction: BTC Price Loses $22500 Support

Source-Tradingview

During February’s 4th week, the Bitcoin price turned down from the $25300 mark and initiated a new correction phase. On February 23rd, the coin price broke below $24000 support, indicating an early hint for prolonged downfall.

Furthermore, the consolidation phase witnessed during the Feb-end also accentuated the fact that the coin price is stable enough to reach lower levels. By the press time, the BTC price trades at $23333, registering an 11.7% loss within a fortnight.

Also Read: Best Crypto Future Trading Bot 2023 ; Here’s The List

With today’s aggressive downfall, the sellers break below the local support of $22500, offering them an additional resistance level. However, if the daily candle closes below the aforementioned support, the accelerated selling pressure may dump Bitcoin price by another 4% to retest the $21500 mark.

Anyhow, the $21500 accompanied by a 0.382 Fibonacci retracement level and 200-day EMA forms a strong support zone that could assist buyers to replenish bullish momentum.

Followed by the $21500 level, the coin holders can also expect strong buying pressure at the combined support of 0.5 FIB level at the $20375-20100 mark.

Other Technical Indicators

Source-Tradingview

RSI: the daily-RSI slope nosedived below the neutral line, indicating a bearish sentiment prevailing for Bitcoin.

Bollinger Band: the falling Bitcoin price has fallen below the Bollinger band indicator’s midline project the bears have control over price movement.

Bitcoin Price Intraday Levels

Spot rate: 23333
Trend: Bearish
Volatility: High
Resistance levels- $24000 and $22500
Support levels- $21500 and $20100

The post BTC Price Prediction: Crucial Supports To Watch Amid Bitcoin’s Ongoing Correction appeared first on CoinGape.

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Filed under: News - @ March 3, 2023 3:00 pm