Bitcoin (BTC) Price Prediction for March 5
Bitcoin’s price has surged by 8.17% in the last 24 hours, but faces resistance at $90,623. If unable to maintain this level, further declines could occur. A sideways trading range between $88,000 and $94,000 is expected due to insufficient momentum for a bullish reversal.
As of March 5, Bitcoin (BTC) has experienced a significant increase, rising by 8.17% in the last 24 hours according to CoinMarketCap. At the current price of $89,841, a false breakout was observed at the resistance level of $90,623. Should the daily bar not maintain above this level, sellers may regain control, potentially pushing the price to the $89,000 range.
In the longer term, while Bitcoin continues its upward trajectory following a previous close, it appears to lack sufficient momentum to instigate a reversal into a bullish trend. Consequently, a range of sideways trading between $88,000 and $94,000 is anticipated.
From a mid-term perspective, Bitcoin remains distanced from significant price levels. If the weekly bar concludes around the current prices, expectations for sharp movements in either direction seem limited at this point.
In summary, Bitcoin’s price has risen notably, yet it faces resistance and potential declines if certain levels are not maintained. The lack of momentum suggests a sideways trading pattern might dominate in the near future. Investors should remain cautious and conduct thorough research before making financial decisions.
Original Source: u.today
Post Comment