Search Inside Bitcoins

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

Join Our Telegram channel to stay up to date on breaking news coverage

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: 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.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next