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Bitcoin Price Prediction: BTC/USD Fails to Break $5,900 Support; a Retest of $7,000 Resistance Is Possible

Bitcoin (BTC) Price Prediction – March 31
On March 28, BTC/USD pair fell to $6,200 low due to the inability of the bulls to push price above $7,000. The bears broke the $6,400 support but failed to break $5,900 support.

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

BTC/USD – Daily Chart

Recently, the bears attempted to sink Bitcoin as the bulls failed to push above $7,000 overhead resistance. The bears succeeded by breaking the support at $6,400 as the market dropped to $6,200 low. Unfortunately, the bearish momentum extended to the low of $5,900, but the bears could not break it. Consequently, the bulls are attempting to carry price above the breakout level point of $6,400.

Bitcoin is trading above $6,500 at the time of writing. The bulls intend to regain the $6,800 level and possibly retest the $7,000 overhead resistance. A successful break above $7,000 will earn the bulls a high of $8,000 and subsequently above $8,500.Meanwhile, Bitcoin is above 60% range of the daily stochastic. The market has changed from a bearish momentum to a bullish one.

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

BTC/USD – 4 Hour Chart

Initially, Bitcoin was in an upward move as the bulls attempted to break the $7,000 overhead resistance. Failures of the bulls to break the overhead resistance resulted in the recent downward move. The bears broke the bullish trend line to a low of $6,200. However, at the support of $5,900, the downward move was interrupted as the bulls took control. Bitcoin has risen to level 58 of the Relative Strength Index. This indicates that BTC is in the uptrend zone and it is above the centerline 50.

 

 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.