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Bitcoin Price Analysis: BTC/USD Will Drop To $ 9050 By March 3

The Bitcoin cryptocurrency rate once again failed to gain above the $ 9,750 mark and adjusted to the support zone of $ 9,500. BTC/USD will overcome this barrier and fall to $ 9050 by March 3.

Key Points

  • The main support area is at the level of $ 9,500.
  • On the hourly chart, a downtrend line has formed with resistance at $ 9,640.
  • BTC drop will accelerate after breaking the $ 9,500 level.

On February 24, Bitcoin fell sharply from $ 10,023 to $ 9,481 (Gemini exchange data). Sellers break support at $ 9,750 and $ 9,680). Then, BTC/USD rose to $ 9,674, however, buyers failed to gain a foothold above this zone, so a new bearish trend arose, as a result of which BTC is trading in the range slightly above the key support of $ 9500.

What Point Will Bitcoin Become Cheaper To?

Bears are more likely to break the support of $ 9,500. The following barriers are located at $ 9,200 and $ 9,050. Thus, the BTC rate should drop to about $ 9,050. The dynamics of Bitcoin value change went beyond the line of the upward trend, which began on January 2. As a result, the bullish trend that arose on December 18, 2019, must be taken into account. Theoretically, BTC could fall in price to $ 8,380 by March 3, but cryptocurrencies are actively bought for $ 9,000, in this regard, the depreciation below this zone is unlikely.

btcusd chart

The upward movement will meet strong resistance at around $ 9,640, which coincides with the 50% Fib level recorded during the dump from $ 9,841 to $ 9,481. If buyers can break through the first barrier, then Bitcoin will rise in price to $ 9,740. Positive dynamics is possible only if the BTC/USD consolidates above $ 9,740. If this does not happen, then it is worth trading in a negative scenario (depreciation to $ 9,050).

Technical indicators:

The 4 hours MACD is in the bearish trend zone.
The 4 hours RSI is below 40 (in the neutral area).
The main support level is $ 9500.
The main resistance level is $ 9640.