BTC/USD Ready to Retrace Above $40,000 Resistance

Bitcoin Price Prediction – March 12

The Bitcoin price prediction shows BTC moving from the opening price of $38,472 as the buying interest may increase on approach to $40,000.

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

Key levels:

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

Support Levels: $34,000, $32,000, $30,000

BTC/USD is moving sideways as the coin establishes a cross above $39,000 but currently rebounding to retest previous resistance at $40,000. The king coin may look for some resistance levels above the 9-day and 21-day moving averages on its way to the upper boundary of the channel.

Bitcoin Price Prediction: BTC Price May Reclaim $39,500 Resistance

In the past few hours, after the Bitcoin price begins the daily movement, the king coin is now facing the resistance level of $39,500 and looking forward to reclaiming the resistance level of $40,000. However, the daily chart reveals that if the 9-day moving average stays above 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 $38,000 support breaks down, but the price could rise if the $40,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) remains above 40-level to indicate a bullish movement. Therefore, if the Bitcoin price crosses above the moving averages, it could hit the resistance levels of $44,000, $46,000, and $48,000 but any movement towards the lower boundary of the channel could hit the supports at $34,000, $32,000, and $30,000.

BTC/USD Medium-Term Trend: Ranging (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 in the same direction below 50-level. From above, if the Bitcoin price crosses above the moving averages, the bullish influence could spike and the accrued gains massively.

However, the current candle could retreat towards the lower boundary of the channel and may target the support level of $36,000 and below, but the best the bulls can do is to hold above the resistance level of $40,000 and keep their attention on breaking the potential resistance at $42,000 and above.

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