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Bitcoin Price Prediction: BTC/USD Eyeing $7,000; Gains Over 3.5% in a Matter of Hours

Bitcoin (BTC) Price Prediction – March 24

BTC/USD bulls are dominating the market for two days consecutively as the price moved from $6,469.88 to $6,856.50.

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

Key levels:

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

Support Levels: $5,400, $5,200, $5,000

BTCUSD – Daily Chart

BTC/USD is bullish at the opening of the market today and a strong move above $6,500 created a strong upside momentum and pushed the price above $6,800 in a matter of minutes. At the time of writing, BTC/USD is changing hands at $6,740 with an intraday high of $6,856. Meanwhile, the Bitcoin (BTC) will need to settle above $6,500 for the upside to gain traction. This area served as an upper boundary for the previous consolidation channel.

More so, the ultimate bullish target is $7,300; in addition, the price may drop towards $6,200 before another upside leg. However, the price of Bitcoin is now moving above the crucial levels which will now function as the support zones in the event a reversal occurs. Meanwhile, on the upside, as the coin moves and breaks out of the ascending channel, little is in place to prevent correction targeting the key resistance of $7,500 as the technical indicator RSI (14) moves above the 45-level.

However, the Bitcoin price is supported at the various former resistance levels which include $6,800, $7,000 and $7,200. Nevertheless, the coin is also banking on the support at $6,000 and $5,800 to ensure that in spite of a reversal, the Bitcoin price stays above $7,500 level. Similarly, the nearest resistance levels to watch for are $8,000, $8,200 and $8,400 while the support levels to keep an eye on are $5,400, $5,200 and $5,000 respectively.

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

BTC/USD trades within the range of $5,684 to $6,872. Nevertheless, Bitcoin has not yet slipped below $6,000 and is still in the loop of making a bounce back. BTC price hovers around $6,562.43 and may take time to persistently trade above $7,000. The upward movement is facing hurdles near the $7,300 and $7,500 resistance level.

BTCUSD – 4 Hour Chart

Furthermore, on the downside, immediate support is near the $6,300 level while the main support is at the $6,100 level. The price might slide sharply below $6,000 which may likely test the main support at $5,800 level. Technically, the coin is currently moving in sideways while the RSI around 63-level, indicating indecisive market movement.

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.