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Bitcoin Price Prediction: BTC/USD Drops Below $7,000 Again; Struggling to Recover

Bitcoin (BTC) Price Prediction – April 13

After multiple failures to clear the $7,500 resistance area, the Bitcoin price reacted to the downside.

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

Key levels:

Resistance Levels: $8,000, $8,200, $8,400

Support Levels: $5,500, $5,300, $5,100

BTCUSD – Daily Chart

In the past few hours, BTC/USD saw an increase in selling pressure after it failed to overcome key resistance levels near $7,400. BTC/USD declined more than 1.80% and broke the $7,200 and USD 7,000 support levels. It is now trading below $6,800, with immediate support at $6,700. Any further losses could lead the price towards the $5,500, $5,300 and $5,100 support levels.

More so, BTC/USD is struggling to recover the losses by climbing higher above the $6,700 after touching the low of $6,560 at the opening of today’s market. The coin is currently trading above the 9-day and 21-day moving averages. Typically when the new uptrend movements are beginning to form, buyers will use the moving averages as the nearest support levels.

However, as much as the red-line of the 9-day moving average is above the green-line of the 21-day moving average, the market may still remain in the upward movement. But looking at the daily chart, the resistance levels to watch are $8,000, $8,200 and $8,400 respectively. Meanwhile, the technical indicator RSI (14) moves below 48-level, suggesting more bearish signals.

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

If you look at the 4-hour chart, the Bitcoin price is still under $7,000 and could continue to weaken if the price continues to fall below the 9-day and 21-day moving averages. However, once the current correction is completed, it may likely reach $6,400 or $6,200 while the price could allow a decent recovery.

BTCUSD – 4 Hour Chart

Similarly, the technical indicator RSI (14) chart shows an upward price momentum, as it is in the bearish zone and the signal line is around the 45-level. The BTC/USD may experience further resistance of $7,200 and $7,400 levels if it raises the much-needed price recovery above $7,000.

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.