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Bitcoin Price Prediction: BTC/USD May Need to Break Above $7,000 for Greater Upside Momentum

Bitcoin (BTC) Price Prediction – March 26

Despite the push north, there is still somewhat a risk to the downside, given a bearish flag structure.

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

Key levels:

Resistance Levels: $7,800, $8,000, $8,200

Support Levels: $5,300, $5,100, $4,900

BTCUSD – Daily Chart

BTC/USD is vulnerable to losses likely to test $5,500 as long as it stays under the critical $7,000 zone. The Bitcoin (BTC) price could make a downturn back to $5,500 before a formidable recovery is achieved. At the time of writing, BTC/USD is doddering at $6,604 following a minor upward advancement from $6,768 which is today’s high value. Meanwhile, the volatility is low while BTC/USD remains largely in the hands of the bulls.

Moreover, as the coin is trading at $6,604 and displays an intraday loss of 1.3%. The prevailing movement is bearish with expanding volatility. The leader of cryptocurrencies currently consolidates in a bullish flag pattern. Meanwhile, a breakout out from this pattern is supposed to continue in the direction of the previous trend. In this case, we expect BTC/USD to rise above $7,000 resistance and could move towards the potential resistance levels at $7,800, $8,000 and $8,200.

However, should Bitcoin price failed to remain above the 9-day moving average; the price could drop to $6,000 vital support. A further low drive could send the price to $5,300, $5,100 and $4,900 support. The RSI (14) has recently revealed a sign of trend reversal, which shows a possible more bearish momentum, may continue to play out.

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

At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $6,708 to reach around $6,639. Should the price continue to drop further and move below the channel, it could reach the nearest support levels at $6,200, $6,000 and $5,800.

BTCUSD – 4 Hour Chart

Meanwhile, if the bulls push the coin above the 9-day moving average, the price of Bitcoin may likely reach the potential resistance levels of $7,100, $7,300 and $7,500. Presently, the market is indecisive as the RSI (14) indicator moves around 55-level.

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.

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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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