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Bitcoin Price Prediction: BTC/USD Targets $6,500 Before Making a Future Pullback

Bitcoin (BTC) Price Prediction – March 30

BTC/USD recovery above $6,000 has improved the short-term technical picture and a strong move above this level is needed for the recovery to gain traction.

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

Key levels:

Resistance Levels: $7,000, $7,200, $7,400

Support Levels: $5,000, $4,800, $4,600

BTCUSD – Daily Chart

At the time of writing, BTC/USD is changing hands at just above $6,338, with a significant gain of 7.84% in the last 24-hours. Since the last two weeks, BTC/USD has been highly volatile and has witnessed massive swings on both sides. More so, the main area of support for this coin during the last few weeks has been at around $5,800. Meanwhile, if the price of Bitcoin falls below $5,800, then a massive downside movement can be expected.

However, the leading cryptocurrency has been highly volatile and the price is expected to make a massive downside movement pretty soon if the Bitcoin (BTC) could not move above the 9-day and 21-day moving averages. Notably, the first digital asset has recovered from the intraday low registered at $5,867, but the further upside seems to be limited by $6,300 which may serve as an upside barrier for the remaining days of the week.

Nevertheless, a sustainable move above the moving averages may improve the long-term picture and allow for a sustainable recovery towards $7,000, $7,200 and $7,400 resistance levels. Meanwhile, the support levels to watch for are $5,000, $4,800 and $4,600 as the MACD signal lines are still within the negative.

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

According to the 4-hour chart, with the sudden move of Bitcoin price above $6,300, Bitcoin’s chances of violating the old support of $6,000 now became resistance. The bulls are not out of the wood yet and a break above $6,500 is needed to invalidate the bearish case as RSI (14) stays within the range of 50 to 51- levels.

BTCUSD – 4 Hour Chart

In addition, a high-volume break above $6,700 would violate the bearish pattern of the highs and shift the risk to a rise of $6,800 and above. In particular, the movement above $7,000 is supported by an increase in buying volumes. In other words, the Bitcoin price could come back to $6,000 within the next few hours before reaching another supports of $5,900 and beyond.

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.