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Bitcoin Price Prediction: BTC/USD Eyeing $8,000; Gains Over 1.05% in a Matter of Hours

Bitcoin (BTC) Price Prediction – April 25

BTC/USD bulls are dominating the market for five days consecutively as the price moved from $6,819 to $7,618.

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

Key levels:

Resistance Levels: $8,500, $8,700, $8,900

Support Levels: $6,500, $6,300, $6,100

BTCUSD – Daily Chart

BTC/USD is bullish at the opening of the market today and a strong move above $7,500 created a strong upside momentum and pushed the price above $7,600 in a matter of minutes. At the time of writing, BTC/USD is changing hands at $7,593 with an intraday high of $7,618.31. Meanwhile, the Bitcoin (BTC) will need to settle above $7,500 for the upside to gain traction. This area served as an upper boundary for the previous consolidation channel.

Moreover, the ultimate bullish target is $8,000 but the price may drop towards $7,200 before another upside leg. However, the price of Bitcoin is now trading above crucial levels which will now function as support zones in the event of a reversal. Meanwhile, on the upside, as the coin moves and breaks above the ascending channel, little is in place to prevent a correction targeting the key resistance of $7,500 as the RSI technical indicator (14) moves above level 60.

Furthermore, the Bitcoin price is banking on the support at $7,000 and $7,200 to ensure that in spite of a reversal, the Bitcoin price stays above $7,500 level. Inversely, the nearest resistance levels that the price may likely hit lie at $8,500, $8,700, and $8,900 but any movement below the 9-day and 21-day moving averages may likely send the coin to $6,500, $6,300 and $6,100 support levels.

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

BTC/USD trades within the range of $7,389 to $7,598 at the time of writing this article. Nevertheless, Bitcoin has not yet slipped below $7,300 as the daily chart reveals and the coin is still in the loop of making a bounce back above the recent high. The Bitcoin price may take time to persistently trade above $7,800. The upward movement is facing hurdles near the $7,900 and $8,100 resistance level.

BTCUSD – 4 Hour Chart

Moreover, on the downside, immediate support is near the $7,400 level while the main support is at the $7,300 level. The price might slide sharply below $7,100 which may likely test the main support at $6,900 level. Technically, the coin is currently moving in sideways while the RSI around 66.75-level, indicating an 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.