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Bitcoin Price Prediction: BTC/USD Breakdown Below $7,300, Can Bulls Bounce Back?

Bitcoin (BTC) Price Prediction – April 9

Bitcoin price is struggling to recover above $7,300 against the USD but the coin remains at a risk of a larger breakdown below the $7,000 support.

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

Key levels:

Resistance Levels: $8,300, $8,500, $8,700

Support Levels: $6,300, $6,100, $5,900

BTCUSD – Daily Chart

BTC/USD bulls are intentional about finding higher support for Bitcoin. This battle comes after the coin tried and failed to extend gains past $7,386 which happened to be the daily high today. The Bitcoin price is back under $7,300 and currently changing hands at $7,242. In this same manner, the price of Bitcoin moves above the 9-day and 21-day moving averages within the ascending channel.

However, an upside break above the channel around $7,700 is a must to start a substantial recovery. Meanwhile, the next hurdles may be seen near the resistance levels of $8,300, $8,500 and $8,700. On the downside, initial support is near the $6,500 level and if there is a successful break below the support level of $6,500, the bears are likely to gain strength by bringing the price to a low of $6,300, $6,100 and $5,900 respectively.

Currently, Bitcoin price follows a dominant bullish bias and a glance at the technical indicator RSI (14) displays a positive picture for BTC in the near-term. In addition, maintaining a gradual upward trend in the positive region, the signal lines of stochastic RSI is still moving within the overbought zone.

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

On the 4-Hour chart, BTC price hovers around $7,282 and may take time to persistently trade above $7,400. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $7,500 and $7,700 resistance level.

BTCUSD – 4 Hour Bank

However, on the downside, immediate support is around the $7,100 level while the main support is at the $7,000 level. The price may likely fall below $6,800 if the bears step back into the market, a further movement could test the critical support at $6,600 level. Technically, Bitcoin is currently moving in sideways while the stochastic RSI moves within the oversold zone, indicating an indecisive in the market movement.

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.