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Bitcoin Price Prediction: After Briefly Touching the $7,441, BTC/USD Bulls May Re-gather

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Bitcoin (BTC) Price Prediction – April 8

BTC/USD price is trading nicely above the $7,250 and the coin must climb above the $7,400 resistance to continue higher.

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

Key levels:

Resistance Levels: $8,400, $8,600, $8,800

Support Levels: $6,100, $5,900, $5,700

BTCUSD – Daily Chart

BTC/USD bulls may slowly come back into action after a minor battering from the bears yesterday. If this happens, then the expectation of recovery could turn out to be true. Today, BTC/USD was seen trading at $7,166 after soaring to $7,441.47. The coin then pulled back to where it is trading currently at $7,247 and may continue to head downwards if the bears step back into the market.

However, the market is deciding above the 9-day and 21-day moving averages, where the buyers and sellers are anticipating a clear breakout or breakdown. Meanwhile, the $7,800 and $8,000 levels may further surface as the key resistances should the $7,600 level come to play. However, a strong bullish spike may take the price to $8,400, $8,600 and $8,800 levels.

Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop to $6,700 and should this support fails to contain the sell-off, traders may see a further roll back to $6,100, $5,900 and critically $5,700. The stochastic RSI suggests an upward movement for the coin as it moves within the overbought zone.

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

The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading is still looking bearish; following the recent downtrend to $7,271.02 which is now a key support level. The next key support levels are $7,000, $6,800 and $6,600.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $7,300 resistance. A climb above the mentioned resistance may further push BTC price to $7,600, $7,800 and $8,000 resistance levels. As it appeared now, it seems the bears may likely return into the market as the stochastic RSI faces the south which could resume the downward direction.

Please note: 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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