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Bitcoin Price Prediction: BTC/USD Rebounds, Attempts to Rally Above $7,000 Resistance

Bitcoin (BTC) Price Prediction – March 24
BTC/USD pair is making a positive move as the bulls break $6,000 and $6,500 to reach a high of $6,732. The price is most likely to reach $7,000 overhead resistance.

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

BTC/USD – Daily Chart

Yesterday, Bitcoin rebounded at the low of $5856 support and broke the $6,000 resistance to commence the upward move. The upward move was compelling as it broke the $6,400 resistance to reach a high of $6,700. Nonetheless, having broken $6,600 and $6,650 resistances, the upward move may be without hurdle. On the upside, if the bulls push above $7,000, the market will resume the uptrend.

Bitcoin will be expected to reach a high of $7,500. The momentum will extend to $8,500 if the $8,000 resistance is breached. Conversely, if the bulls fail to push above the overhead resistance, the pair will face selling pressure that will catapult the bulls to the low of either $6,085 or $5,800. Bitcoin is in a bullish momentum and it is above 40% range daily stochastic.

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin is trading above the horizontal channel. Bitcoin was previously range bound between $4,400 and $6,000.

BTC/USD 4 Hour Chart

The price rebounded and broke the $6,000 resistance and resumes the upward move. The momentum has extended to the overhead resistance as we await the outcome. The Relative Strength Index indicates Bitcoin is at level 62 indicating that the market is in the uptrend zone. It indicates that the price is rising and in the bullish trend zone.

 

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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.