Bitcoin Price Prediction for Today, April 6: BTC Price Remains Steadfastly over $27K

Bitcoin Trades inside a Narrow Band as It Remains Steadfastly over $27K – April 6, 2023

The largest cryptocurrency has persistently maintained above the moving average lines as it remains steadfastly over $27K. On April 5, BTC’s price recovered to pass the $28,500 initial barrier, but it immediately dropped again. Since March 19, the overhead resistance at $29,000 and the barrier at $28,500 have been blocking the upward advances.

Bitcoin Price Statistics Data:
•Bitcoin price now – $28,061.94
•Bitcoin market cap – $542,892,290,085
•Bitcoin circulating supply – 19,338,475 BTC
•Bitcoin total supply – $589,033,811,286
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Buyers tried to re-enter the previous highs on April 5 but were rejected. BTC’s price surged past the $28,500 resistance level but was repelled at the $28,801 high. Yesterday, there was a lot of selling pressure, and buyers were unable to keep the price over the $29,000 barrier. The price of one Bitcoin is at $28,061, which is higher than the moving average lines. On the plus side, the resistance at $29,000 will be broken if the BTC price rallies above the current level. The bullish trend will continue above the psychological price threshold of $30,000. The Relative Strength Index for period 14 has Bitcoin at level 59. The value of the cryptocurrency asset can rise even higher.

A US Bank Run Causes a 10-Month Low in Bitcoin Liquidity

The United States-based exchanges have been most negatively impacted by the banking crisis, with traders suffering as a result of higher price volatility. Despite an optimistic quarter for price growth, Bitcoin (BTC) market liquidity has fallen to a 10-month low. The bank run in the US and the ongoing regulatory measures against crypto businesses are partly to blame for the lack of liquidity. One of the best-performing assets in 2023, BTC’s price has increased by 45%. The price increases occur as the traditional financial market faces an impending financial crisis and stocks and bonds are having one of their worst years. Several banks have failed as the financial crisis has gotten worse.

Nonetheless, the recent selling pressure has forced Bitcoin into a range-bound zone as it remains steadfastly over $27K. BTC’s price has been restricted to the $27,000 to $28,500 price range since March 19. Buyers were able to overcome the lower hurdle at $28,500, but they failed to do so with the upper hurdle at $29,000. If the overhead resistance is broken, the upward movement will start again.

Bitcoin Alternatives

The largest cryptocurrency has endured despite being rejected at the $29,000 peak. The current bullish trend has been able to continue because Bitcoin trades inside a narrow band. Experts believe that the $29,000 resistance level will crumble following numerous retests. The second leg of upward momentum will continue if the resistance at $29,000 is broken. Other cryptocurrencies and LHINU tokens will rise further if there is a rally above the $30,000 psychological price level.

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