BTC/USD quotes are trading at 59353 and continue to move within the growth and bullish channel. Moving averages indicate a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of Digital Gold and a potential continuation of growth in the value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, March 1, 2024, we should expect an attempt to develop a bearish correction in the value of the digital asset and a test of the support level near the 58365 area. From where we should again expect a rebound upward and an attempt to continue the growth of the Bitcoin rate with a target above the 63685 area.
Bitcoin Forecast for March 1, 2024
An additional signal in favor of growth in BTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the upper boundary of the bullish channel. Cancellation of the option to increase the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 57405. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at the level of 52805. Confirmation of an increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 61405, which will indicate a breakdown of the upper boundary of the bullish channel, and this is a signal for growth by the width of the channel.
Bitcoin Forecast for March 1, 2024 assumes an attempt to test the support level near the area of 58365. And then, continued growth of the cryptocurrency with a potential target at the level of 63685. An additional signal in favor of an increase in the Bitcoin rate will be a test of the support line on the relative strength index. Cancellation of the digital currency growth option will be a breakdown of the 57405 area. This will indicate a continued decline in the coin with a potential target below the 52805 area.
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