BTC/USD Breakdown Below $6,400, Can the Bulls Bounce Back?

Bitcoin (BTC) Price Prediction – March 22

BTC/USD is struggling to recover above $6,500 but the coin remains at a risk of a larger breakdown below the $6,000 support.

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

Key levels:

Resistance Levels: $8,000, $8,200, $8,400

Support Levels: $4,200, $4,000, $3,800

BTCUSD – Daily Chart

After an erratic recovery in the past few days, BTC/USD resume back into a selling mode. A few days ago, the coin topped at $6,973 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $6,006, down 3.1% since the beginning of today. Bitcoin continues to narrow down towards $5,800. Meanwhile, the downtrend movement is clearly shown by taking a broader technical picture using the daily chart.

Moreover, the BTC/USD price is struggling to hold a couple of important supports near $6,000. The price is likely to continue lower below the $5,800 and $5,600 support level. If there is a downside break below the $5,400 support level, the price could revisit the $4,500 support level. The bears are gaining momentum and if the price clears the $4,500 support, there is a risk of a sharp decline to $4,200, $4,000 and $3,800 support levels.

In addition, the market may decide around the 9-day moving average, where the buyers are anticipating a rebound. Meanwhile, the $6,800 and $7,000 levels may further surface as potential resistances should the $6,400 level holds. However, a strong bullish spike might take the price to $8,000, $8,200 and $8,400 levels. But presently, the RSI (14) is moving below the 40-level, which suggests a bearish movement in the market.

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

Looking at the 4-Hour chart, Bitcoin (BTC) has slipped below $6,000 and its price hovers below the 9-day moving averages and may take time to persistently bounce back to the resistance level of $6,500. At the moment, the Bitcoin price is currently moving around $5,901 level.

BTCUSD – 4 Hour Chart

More so, if buyers can put more effort and energize the market, we can expect a retest of $6,200 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $6,500, $6,700 and $6,900 upward. In other words, if the bears hold the price and push it downward, then the support level of $5,300, $5,100 and $4,900 may be visited as the RSI (14) moves around 47-level.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Michael
Michael is an editor at CurrencyTimes, with a background in energy and economics. He keeps an eye on Blockchain's applications in building smarter and more equitable energy access globally.

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