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Bitcoin Price Prediction: BTC/USD Turns Down Twice at $7,000 Overhead Resistance

Bitcoin (BTC) Price Prediction – March 25
Yesterday, BTC/USD pair turned down from $6,800 resistance twice and unable to break the overhead resistance at $7,000. The price is ranging below the resistance level

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

BTC/USD – Daily Chart

Bitcoin has failed again to break the $7,000 overhead resistance. This will be the third time the bulls will be repelled at the overhead resistance. In the first instance, when the bulls were repelled the market fell to the low of $5,820 and resumed another upward move. Presently, the price is consolidating below $6,800 resistance. This is another positive move to consolidate near the resistance. This will give the bulls an advantage over the bears and increase the opportunity of a breakout. Meanwhile, the bulls also have the possibility of pushing the price above the overhead resistance at close range. Bitcoin is still in a bullish momentum as the price is above 50% range of the daily stochastic.BTC/USD Medium-term Trend: Ranging (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4-hour chart, Bitcoin is trading above the horizontal channel. Bitcoin is now trading close to the overhead resistance. In the previous case, the bears took the price to the support above $5,000 before resuming the upward move. The Relative Strength Index has not changed. Bitcoin is at level 62 indicating that the market is in the uptrend zone. It implies 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.