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Bitcoin Price Prediction: BTC/USD Hovers above $6,000, Can the Bulls Push Price above $8,000?

Bitcoin (BTC) Price Prediction – March 21
BTC/USD pair has finally broken the upper price range between $4,400 and $6,000. This is a positive move by the bulls. Can the bulls sustain the momentum to the high of $8,000?

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

BTC/USD – Daily Chart

The recent upward move was made possible because the bulls bought at the $5,000 price level. This catapulted the coin to push higher to the previous highs. The recent bullish momentum extended to the high of $7,000 before facing another round of selling pressure. After the resistance at $7,000, BTC fell back to the previous range-bound zone. Nonetheless, intermittent buying will enable the bulls to continue its upward movement.Interestingly, its first purchase at the $4,400 support level enables the bulls to avoid further downward movement. The bears could have taken BTC to the low of $3,807. It was earlier anticipated that BTC will rally above $8,000 if the resistance at $6,000 is breached. Bitcoin is out of the oversold region as the bulls emerge. The coin is above 20% range of the daily stochastic indicating that BTC is in bullish momentum.

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

BTC/USD – 4 Hour Chart

On the 4-hour chart, Bitcoin is trading in a descending channel. The price after consolidating above $5,000 broke the resistance line and continued its upward move. Technically, the bear market has been terminated as the upward move resumed. The Relative Strength Index indicates that Bitcoin is at level 59 indicating that price is in the uptrend zone.

 

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.