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Bitcoin Price Prediction: BTC/USD Extends Sideways Grind Below $7,000 Level

Bitcoin (BTC) Price Prediction – April 5

The technical indicator RSI (14) is currently moving in sideways, reflecting that the Bitcoin price is in a consolidation mode.

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

Key levels:

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

Support Levels: $5,700, $5,500, $5,300

BTCUSD – Daily Chart

BTC/USD added around 2% and closed at $6,890 yesterday, at the moment, the coin is currently erasing the majority of its gains. As of writing, the Bitcoin (BTC) hovers at $6,780 which is down with 1.38% on a daily basis. For now, the price is seriously struggling in consolidation mode on intraday trading, which has made the BTC indecisive in recent days. But if the buyers can regroup and overcome the supply area, we may see a decent bullish run in the market soon.

While remaining as the most influential cryptocurrency in the world, BTC/USD is technically supported by the $6,600 on short-term and $6,400 support in the medium-term. If the price of Bitcoin drops below these supports, we should expect long-term support at the $6,200. More so, any further movement below the 9-day and 21-day moving averages may lead to the support levels of $5,700, $5,500 and $5,300 respectively.

However, if the buyers can reinforce and power the market, we can expect a retest at the $7,200 resistance level. Breaking the mentioned resistance may further allow the bulls to test the potential resistance at $7,800, $8,000 and $8,200 on the upside. However, as the RSI (14) moves in the same direction on the daily chart, the price of Bitcoin is currently consolidating and moving in sideways on the long-term outlook.

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

BTC/USD is still trading around $6,793 after touching $6,824 in the early hours of today. Looking at the hourly price chart, we can see that the bearish supply is coming in the market slowly, but the bulls are also trying to defend the $6,500 supports. Meanwhile, the $6,400 support level and below may come into play if BTC breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, if buyers can strengthen and energize the market, we can expect a retest of $6,900 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $7,200 and $7,400 upward. However, BTC/USD is consolidating and moving in sideways on the medium-term outlook.

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.