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Bitcoin Price Prediction: BTC/USD Came Close to $7,000 but the Bulls May Have to Wait a Bit

Bitcoin (BTC) Price Prediction – April 3

The Bitcoin (BTC) has recovered from the recent low on approach to $6,700 but the Bulls may have trouble taking the price above $7,000.

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

Key levels:

Resistance Levels: $7,800, $8,000, $8,200

Support Levels: $5,800, $5,600, $5,400

BTCUSD – Daily chart

BTC/USD resumed the upside trend after a short-lived retreat to $6,736 during early Asian hours. At the time of writing, BTC is changing hands at $6,828 and the upside momentum is gaining traction. A sustainable move above $7,000 will bring $7,300 back into focus and improve the technical picture. The coin after touching $7,041 has gained nearly 2% since the beginning of the day but later moved back to touch 7,736.

Looking at the daily chart, BTC/USD is moving above the 9-day and 21-day moving averages. This area creates the first line support that may slow down the correction. Considering that the RSI (14) has reversed to the downside from around 51-level, However, BTC/USD may retest $6,900 before another attempt at $7,000 but if $6,800 is broken, the nearest support level of $6,600 may come into focus, followed by $6,500 that served as a strong resistance during the consolidation period at the beginning of the week.

Therefore, 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 $5,800, $5,600 and $5,400 supports. For now, the bulls are still controlling the market. But with a look of things, the Bitcoin price may continue to follow the upward trend in as much as the red-line of 9-day MA is above the green-line of 21-day MA.

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

At the opening of the market today, the Bitcoin price first went up to touch $7,053 but has dropped slightly within 24 hours, bringing its price to where it is currently trading at $6,718. Should the price continue to drop further and move below the 21-day moving average, it could reach the nearest support levels at $6,400 and beyond.

BTCUSD – 4 Hour Chart

In other words, if the bulls intervene and push the coin above the moving averages, the price of Bitcoin may likely reach the potential resistance levels of $7,200 and above. Presently, the market may follow the downward trend as the RSI (14) indicator nosedives below the 55-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.