This month came with a retracement after weeks of positive momentum. Bitcoin later found support and bounced back with about 18% gains but failed to extend bullishly. It is now following a negative sentiment.
Bitcoin has started to show signs of weakness again after losing grip above the critical $25k level in the past week. It continued to take a downturn this week as the price further rolled below another important $24k yesterday.
In the quest to retake this week’s lost level, the leading cryptocurrency could face a small hurdle due to the ongoing weakness in price. Gauging from past days of reductions, Bitcoin is expected to shed more losses in the coming days.
Meanwhile, the price has been reacting to the $23.6k level for the past 48 hours. What is uncertain right now is how long it can hold that level. But if the price manages to plunge beneath last week’s low, we should expect a heavy drop in no time.
Even at that, there’s still hope for the buyers as long as the price respects the diagonal support line drawn on the daily chart. A steep drop below this line will trigger more sell actions.
While many positions have been liquidated on futures over the past few days, a lot of buyers are similarly trapped on spot. More pains can be expected if Bitcoin’s price continues to drop.
Bitcoin’s Key Levels To Watch
In the meantime, the immediate support level to watch out for is $23,463, followed by lower support at $22,306. There are also support levels at $21,552 and $20,600 in case of a breakdown.
If Bitcoin shows strength and rebounds above the immediate support, the closest resistance level to watch is $24,277. The $25,255 resistance remains a critical level for a breakup. Above it lies $26,728 and $28,000.
Key Resistance Levels: $24,277, $25,255, $26,728
Key Support Levels: $23,463, $22,306, $21,552
- Spot Price: $23,890
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: cepn/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/bitcoin-price-analysis-prediction-march-1st-btc-loses-24k-amid-fresh-sell-where-next/