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Bitcoin (Btc) Price Prediction: Btc/USD Breaches Crucial Resistance Levels, Pauses Above $63,000 High

Bitcoin (BTC) Price Prediction – April 13, 2021
From every indication, Bitcoin bulls have broken the resistance at $60,000 and $61,800. The price surge has continued above the $63,000 high. This current price movement has a target price of $65,000 high. Buyers will continue the upside momentum after booking profits above the $65,000 high.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

The breaking of the resistance levels has been dramatic since February 21. Firstly, BTC/USD rebounded above the $58,000 support and the bullish momentum propel price to break the $60,000 high. The same bullish momentum retested the $61,000 high but pulled above the $60,000 support. Nonetheless, buyers retested the $61,000 overhead resistance thrice on April 10, 12, and 13 before sellers were overcome. BTC price now has accelerated price movement to resume the upside momentum. Today, Bitcoin is trading at $63,476 at the time of writing. Presently, Bitcoin is fluctuating below $63,500 resistance.

Bitcoin (BTC) Indicator Reading
The king coin is at level 66 of the Relative Strength index period14. It indicates that Bitcoin is approaching the overbought region of the market. Bitcoin is presently above the 80% range of the daily stochastic. It indicates also price is in the overbought region of the market.

BTC/USD – Daily Chart

Bitcoin has resumed upside momentum as price breaks the crucial resistance levels. The Fibonacci tool also indicated an upward movement of the coin. Meanwhile, on April 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Bitcoin will rise to level 1.618 Fibonacci extension or the high of $65,768.70. From the price action, the BTC price is fluctuating below and above $63,000 high.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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