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Bitcoin Price Prediction: BTC/USD Breakdown Below $6,000; Is Bitcoin Bull-run Fading Away?

Bitcoin (BTC) Price Prediction – March 29

Bitcoin (BTC) shows a heavy pullback today as it has affected the majority of other cryptos within the market.

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

Key levels:

Resistance Levels: $7,000, $7,200, $7,400

Support Levels: $5,000, $4,800, $4,600

BTCUSD – Daily Chart

Looking at the daily chart, BTC/USD is falling below $6,000 with a loss of around 5.78% from the opening price to reach the $5,890 level at the time of writing. More so, the cryptocurrency previously experienced resistance at $6,800, which caused it to reverse and fall within the past 3 days. Such a noticeable drop in prices has raised doubts among the cryptocurrency community, as the drop has affected other cryptos at the moment.

Moreover, BTC/USD has now dropped beneath the previous rising price channel as the bearish case increases. It does look like Bitcoin might be headed back toward $5,000 over the next 2-weeks of trading if it breaks beneath $5,500 within the next few days to end this month. Taking a look at the daily chart, we can clearly see Bitcoin struggling at the $6,000 level which caused it to roll over and drop.

However, the coin attempted to find support around the 21-day MA within the channel but failed to hold this level and dropped beneath this support in today’s trading session. BTC/USD remains neutral but it is in extreme danger of turning bearish if it breaks beneath $5,500. If this is the case, traders can expect support toward the downside at $5,000, $4,800 and $4,600 support levels as the RSI (14) crosses below 40-level. On the other side, resistance lies at $7,000, $7,200 and $7,400 levels. `

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

At the opening of the market today, the Bitcoin price is seen following the downward trend, bringing its price from $6,247 to reach around $5,929. If the price continues to drop further and move below the channel, it could reach the nearest supports at $5,500, $5,300 and $5,100 respectively.

BTCUSD – 4 Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the potential resistance levels of $6,300, $6,500 and $6,700 as the technical indicator RSI (14) is making a sharp movement above 30-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.