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Bitcoin Price Prediction: BTC/USD Surges Ahead, Attempts to Breach $7,000 Overhead Resistance

Bitcoin (BTC) Price Prediction – March 24
After an initial failure at the $7,000 resistance, the bulls made another attempt to revisit the previous high. In the first attempt, the price retraced and sustained above $6,200 but later rebounded at the low of $5,800.

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

BTC/USD – Daily Chart

The bulls have pushed above the $6,000 resistance to resume an upward move to retest the $7,000 resistance. After the initial resistance at the $7,000, the market  consolidated close to the overhead resistance . However, the price dropped below $6,000 and then rebounded. There is the possibility of a breakout as the price reaches a high of $6,600. BTC/USD pair is retesting the $6,500 to $6,900 price levels. On the upside, once the bulls push above $7,000 resistance, the market will resume the uptrend. We expect the market to reach a high of $7,500 but may face resistance at the $8,000. Meanwhile, Bitcoin is still in a bullish momentum as it is above 50% range of the daily stochastic

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin is trading above the upper price range before the resistance at $7,000. Initially, the price is above the upper price range. Later, it fell into the range-bound zone.

BTC/USD – 4 Hour Chart

A rebound at the low of $5,856 pushes the price above the horizontal channel. We expect the bulls to break the $7,000 resistance. Nevertheless, if the bulls fail to breach the overhead resistance, the market will drop to a low of $5,660.The Relative Strength Index indicates that 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.