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Bitcoin Price Prediction: BTC/USD Moves Above $7,500; Can It Get to $8,000?

Bitcoin (BTC) Price Prediction – April 25

The Bitcoin bulls are in control of the market for the fourth day in a row, following the 2 days ago massive bullish action.

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

Key levels:

Resistance Levels: $8,600, $8,800, $9,000

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

BTCUSD – Daily Chart

BTC/USD bulls continue, pushing the price past $7,500. The bulls are taking control for the fourth straight day as they were able to push the price from $7,399 to $7,642 as at the time the market opens today. BTC/USD is still in the green after suffering a massacre that tested the ability of bulls to ensure losses and to focus their attention on levels above $7,000.

For now, the on-going recovery has just stepped above $7,600 and it is likely to zoom past the next resistance at $7,800 in readiness for the return above the coveted level at $8,000. The resistance levels to watch are $8,600, $8,800, and $9,000 as the signal lines are crossing into the positive side. Moreover, the reversal is making an attempt to take the price back to the $7,400 support.

Meanwhile, BTC/USD had stayed intact within the up-trending channel since the beginning of this week. Despite the pullbacks that have been associated with the rally to high above $8,000, the coin has mostly contained both gains and losses in this channel but traders should keep an eye on $6,500, $6,300, and $6,100 support levels.

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

Looking at the 4-hour chart, BTC/USD is clearly facing a lot of resistance near the $7,700 and $7,800 level. A successful close above the $7,800 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $7,400 support. If there is a downward move, initial support is near the $7,300 level and the main support is near the $7,200 level and below.

BTCUSD – 4 Hour Chart

However, if there are more gains, the $7,700 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $7,700 resistance, the next stop for the bulls may perhaps be near the $7,900 resistance levels and above as the RSI (14) is moving in the same direction around 65-level, which indicates that the market may experience a sideways 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.