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Bitcoin Price Prediction: BTC/USD Bears Run out as Bulls Set Target at $7,200

Bitcoin (BTC) Price Prediction – April 2

The Bitcoin bulls keep on pushing towards the north as the coin has not lost sight of $7,500 despite the rejection of $7,258.

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

Key levels:

Resistance Levels: $8,000, $8,200, $8,400

Support Levels: $5,700, $5,500, $5,300

BTCUSD – Daily Chart

Over the past hour, BTC/USD has continued to rip higher, adding to the 6.76% in gains registered today. The coin is successfully trading above the 9-day and 21-day moving averages. As of the time of writing this article, the cryptocurrency trades for $7,116, the highest price since the month begins. Strongly bullish momentum is contributing to nurturing an uptrend targeting $7,000 in the short-term.

Currently, the market price for BTC/USD and the daily candle touched $7,258 at the time that the market opens today, if the bulls could successfully push the price above the channel, the next resistance levels may be found at $8,000, $8,200 and $8,400. Typically when the new uptrends are beginning to form, traders will use both the 9-day and 21-day moving averages as the nearest support level.

However, any failure by the bulls to move the price up, we may see a price cut to $6,500 vital support. A further low drive could send the price to $5,700, $5,500 and $5,300 supports. For now, the bulls are dominating the market. But as things stand, the BTC/USD price may continue to follow the upward trend because the RSI (14) also focuses on the north as the signal line moves above 52-level.

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

Bitcoin price surged upwards of over $300 in the past 24 hours, catapulting its price over $6,600 to reach where it currently trades at around $6,920 after touching $7,292 a few hours ago. However, the closest resistance levels lie at $7,500 and $7,700, while the nearest supports are $6,400 and $6,200 respectively.

BTCUSD – Hourly Chart

Moreover, as the coin moves above the 9-day and 21  -day moving averages, the technical indicator is strongly bullish and still flashing buy signals. After recording its lowest last month, the RSI indicator surged along with the price. However, as of writing this, the indicator had encountered tough resistance levels towards the overbought area.

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.