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Bitcoin Price Prediction: BTC/USD Consolidates Above $7, 500, Targets $8,000 Resistance

Bitcoin (BTC) Price Prediction – April 25
On April 23, BTC/USD pair has a price spike that broke the $7,200 and $7,400 resistances to reach a high of $7,700. The bears pulled back to $7,500 support. The market has been consolidating above $7,500 support for the past three days.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Presently, Bitcoin is consolidating above $7,500 but below $7,700 resistance. As the market consolidates, price can go either way. Assuming, the bears succeed in bringing BTC back to $7,400, the market will be testing the breakout level point. On the upside, a rebound at this level will propel BTC to reach the high of $8000 and the momentum can extend to $9,000. Meanwhile, BTC is above 75% range of the daily stochastic.

Though the crypto is in a bullish momentum, the market is approaching the overbought region. This indicates that the upward move will lead to another round of selling pressure. Alternatively, if Bitcoin rebounds at the low of $7,500, the price will break the $7,700 resistance and rally above $8,000. There is a prospect of the coin rising as price is above the 12-day EMA and the 26-day EMA.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)

BTC/USD -4 Hour Chart

On the 4 hour chart, BTC is in an upward move, a price spike occurred that reached a high of $7,700 and the subsequent pullback above $7,500. The market is characterized by small body candlesticks indicating that buyers and sellers are undecided about the next move of the coin. It is anticipated that if price rebounds above $7,500, it will catapult the coin to rally above $8,000. Meanwhile, the BTC is at level 65 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and BTC is likely to rise.

 

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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.