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Bitcoin Price Prediction: BTC/USD May Not Hit $8,000 Unless It Falls to $5,500

Bitcoin (BTC) Price Prediction – March 27

As the daily chart reveals, Bitcoin (BTC) price is facing a growing selling pressure in the zone between $6,800 – $6,900 levels.

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

Key levels:

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

Support Levels: $5,600, $5,400, $5,200

BTCUSD – Daily Chart

The attempt of BTC/USD to climb above $7,000 has been satisfied by the increase in the selling activities between $ 6,800 and $ 6,900 level. Similarly, this left the psychological zone at $7,000 to be untested. Meanwhile, the area remains critical for the short-term trend in Bitcoin prices. More so, if BTC/USD continues to stay under $7,000, the sellers’ confidence will continue to grow. At the same time, buyers’ exhaustion will become apparent, culminating in losses towards the support at $6,200.

Moreover, extended losses beneath $6,000 could trigger a fall to $5,500 in a bid to allow more buyers to enter and buy low. BTC/USD has not been able to break above the zone at $7,000, despite the technical picture is healthy. Therefore, more buying entries may increase the trading volume placing the Bitcoin in a formidable rally towards $8,000.

In addition, the market is deciding around the 9-day and 21-day moving averages, where the buyers are anticipating a rebound. Meanwhile, the $7,200 and $7,500 levels may further surface as potential resistances should the $7,000 level holds. However, a strong bullish spike might take the price to $7,800, $8,000 and $8,200 levels. But presently, the RSI (14) is below the 47-level, if the bears clear the $6,000 support, there is a risk of a sharp decline to $5,600, $5,400 and $5,200 support levels.

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

Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $6,000 and is still in the loop of making a bounce back. BTC/USD price hovers below the 9-day and 21-day moving averages and may take time to persistently touch the resistance level of $7,000. At the moment, the Bitcoin price is currently moving around $6,623 level.

BTCUSD – 4 Hour Chart

More so, if buyers can put more effort and energize the market, we may expect a retest of $6,800 resistance level. Therefore, breaking this level could also allow the bulls to retest and reach the $7,000, $7,200 and $7,400 upward. In other words, if the bears hold the price and push it below the lower limit of the channel, then the support level of $6,200, $6,000 and $5,800 may be visited as the RSI (14) moves around 54-level.

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.