Bitcoin Price Prediction for Today, April 7: BTC Price Stabilizes above $27.8K for a Possible Rebound

Bitcoin Consolidates in a Range as It Stabilizes above $27.8K for a Possible Rebound – April 7, 2023

The largest cryptocurrency asset has retreated to its range-bound region as it stabilizes above $27.8K for a possible rebound. It’s expected that Bitcoin will trade between $27,000 and $28,500 for a few days. The cryptocurrency asset will trend once the range-bound levels have been crossed. The price movement has slowed in the interval as a result of the Doji candlesticks.

Bitcoin Price Statistics Data:
•Bitcoin price now – $27,935.64
•Bitcoin market cap – $540,259,145,442
•Bitcoin circulating supply – 19,340,212 BTC
•Bitcoin total supply – $586,527,742,804
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin’s (BTC) price sank to the previous range-bound region as it crossed above the moving average lines. The price of Bitcoin must currently fluctuate within a range of $27,000 and $28,500. The battleground for buyers and sellers will be the 21-day SMA. The bears will attempt to break below the 21-day Simple Moving Average line as long as the bulls maintain the present level of support. For selling pressure to resume, the 21-day moving average line must be violated.

The initial decline in Bitcoin will take it to the next support, which is $26,000. After that, the bearish momentum will carry on until it reaches the $25,200 mark. On the other hand, the resistance levels of $28,500 and $29,000 will be overcome if the BTC price surges back over the 21-day SMA. With the positive trend, the price will surge above the psychological threshold of $30,000. The cryptocurrency’s price is holding above the moving average line right now.

Scaramucci Declares That “We’re Out of the Bear Market,” Despite Bitcoin’s 70% Year-To-Date Rise

Despite various hurdles, Bitcoin has had a strong start to 2023, surpassing the S&P 500 Index by around 60%. Anthony Scaramucci, the founder of SkyBridge Capital, voiced confidence in his company’s cryptocurrency investments following Bitcoin’s outstanding start to 2023 by asserting that “we’re over the bear market.” “The Mooch,” on the other hand, tempered the assertion by saying, “That is an estimate.” We have no idea.” Scaramucci stated in an April 6 interview with Yahoo Finance that Bitcoin has regularly outperformed every other asset class over long periods, saying: ” Nevertheless, if you keep Bitcoin for a rolling four-year period, so choose the day and keep it for that long, you will have outperformed every other asset class”.

Bitcoin’s price movement has remained constant as it stabilizes above $27.8K for a possible rebound. The Doji candlesticks are to blame for the sluggish price movement. Bitcoin is about to fall beneath the 21-day SMA. On the other hand, a price recovery that will propel it to its prior highs is about to take place.

Alternatives to Bitcoin

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