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Bitcoin Price Prediction: BTC/USD Climbs Above $59,000; Time to Resume Higher?

Bitcoin (BTC) Price Prediction – April 1

Looking at the daily chart, BTC is showing positive signs and it is likely to accelerate further higher in the near term.

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

Key levels:

Resistance Levels: $64,000, $66,000, $68,000

Support Levels: $54,000, $52,000, $50,000

BTCUSD – Daily Chart

According to the daily chart, BTC/USD breaches $59,000 as all-time high beckons. The king coin is seen trading well above the 9-day and 21-day moving averages at $59,083. More so, the Bitcoin price is within touching distance of forming a new all-time high above the previous high of $58,800, which is quite remarkable.

Where is Bitcoin Price Going Next?

Presently, the Bitcoin price is trading comfortably towards the upper boundary of the channel as the price establishes a new bullish signal. Like the look of things, one could say that the long-term outlook favors the bulls, giving the daily close produced a large bullish engulfing candle with eyes now set on the daily resistances at $64,000, $66,000, and $68,000 respectively.

Furthermore, any drop from the current level could lead to declines to the critical support below the moving averages. In case BTC drops and touches the low of $55,000 support, then the coin can rely on the long-term support levels at $54,000, $52,000, and $50,000. Moreover, the technical indicator RSI (14) is now moving above 60-level, suggesting more bullish signals.

BTC/USD Medium-term Trend: Bullish (4H Chart)

According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $59,022. However, today’s price move happens to be an impressive one as it climbs above the long-awaited resistance level of $59,000 with a sharp upsurge. More so, BTC/USD is now maintaining its bull-run above this level as the technical indicator RSI (14) moves to cross above 60-level.

BTCUSD – 4 Hour Chart

However, BTC may take a downward move if the bulls failed to push the price higher and the coin may breach below the 9-day and 21-day moving averages which could reach another support at $56,000 and below. Nevertheless, if the bulls find a decent resistance level of around $60,000, the coin may continue bullish movement above the channel at the resistance level of $62,000 and above.

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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.

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