Bitcoin Price Prediction: BTC/USD Bulls May Need Some Time to Break Above $8,000

Bitcoin (BTC) Price Prediction – April 27

Today, the Bitcoin (BTC) price hit the intraday high at $7,825 before retreating below $7,700.

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

Key levels:

Resistance Levels: $8,700, $8,900, $7,100

Support Levels: $6,700, $6, 500, $6,300

BTCUSD – Daily Chart

BTC/USD has once again made an impressive move to the upside during the early trading session today but the coin is currently trading below $7,700 after touching the key resistance at $7,825. The bulls are now expecting the price to rally higher but the current candle still remains bearish. In order for things to change in the near-term, traders would need to see BTC/USD make a higher high and a higher low to invalidate the current movement that is bearish.

However, if the price ends up doing that, the market would have reason to be bullish not just till $8,000 but even beyond that to $8,000 or higher. However, it is important to note that the potential move to the upside has to be a sustained rally rather than a pump otherwise it would be of little consequence. Despite the recent bullishness in the market, we are yet to see the on-going correction come to completion, whereas, Bitcoin (BTC) bulls are still too optimistic.

Nevertheless, if Bitcoin bulls hold the price to remain above the 9-day and 21-day moving averages; the price could rise above the channel and move to $8,500 vital resistance. A further high drive could send the coin to $8,700, $8,900, and $9,100 resistance levels. Meanwhile, the stochastic RSI is within the overbought zone which may reveal a sign of trend reversal in the nearest term, the support levels to watch are $6,800, $6,500, and $6,300 respectively.

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

BTC/USD is seen consolidating at the moment. With this, we expect the coin to gain the lost momentum and hit the trade above $7,700. However, the volatility hovers, and the selling pressure still exists which leads the coin to lose the major support crossing below the 9-day moving average. Meanwhile, the $7,400 and below may come into play if BTC breaks below $7,600 support level.

BTCUSD – 4 Hour Chart

However, in as much as the buyers can still reinforce and power the market, traders can expect a retest at $7,700 resistance level, and breaking this level may further allow the bulls to reach $8,000 and above. The RSI (14) is nose-diving toward the 60-level which shows that more bearish signals may surface.

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.

      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.