Blockchain

Bitcoin Price Prediction: BTC/USD Struggles to Hold Above $7,000 Resistance Level

Bitcoin (BTC) Price Prediction – April 4

The Bitcoin (BTC) is currently consolidating and seems to be preparing for the next move either above $7,000 or towards $6,500.

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

Key levels:

Resistance Levels: $7,700, $7,900, $8,100

Support Levels: $5,800, $5,600, $5,400

BTCUSD – Daily Chart

Yesterday, we saw a sharp decline in Bitcoin price below the $7,036 support against the US Dollar. The BTC/USD pair also settled below the $6,800 support level and above the 9-day and 21-day moving averages. Today, the price is consolidating losses above the $6,750 level and currently trading at $6,748.09.

On the upside, if there is an upside break above $6,800 and $7,000, the Bitcoin price could recover towards the $7,200 and $7,500 levels. However, the main resistance for the bulls is near the $7,700, $7,900 and $8,100 levels. Conversely, there could be more losses if there is no break above $7,000. The main supports on the downside are near $6,500 and $6,000.

However, If there is a downside break below $6,500, the price may accelerate decline towards the $5,800, $5,600 and $5,400 support levels. Meanwhile, the RSI (14) for BTC/USD is currently recovering as it is moving in the same direction waiting for the next move.

BTC/USD Medium-Term Trend: Bullish (4H Chart)

Looking technically, BTC/USD should recover above $6,800 above the 9-day moving average to mitigate the short-term bearish pressure and allow for an extended recovery towards $6,900. This psychological barrier is closely followed by $7,000 and $7,200 resistance levels.

BTCUSD – 4 Hour Chart

In contrast, the nearest support is at $6,600 and a sustainable move lower will increase the downside pressure and push the price towards $6,500 and $6,300 support levels. Considering that the RSI (14) on a 4-hour chart is starting to revert to the upside, we might expect that the bull’s case scenario may play out.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-struggles-to-hold-above-7000-resistance-level/256553

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