Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Faces Fresh Bull-Run; Price Back Above $56,000 Resistance

Bitcoin (BTC) Price Prediction – April 30

Bitcoin has been ripping higher over the past few hours, raising the probability of closing this month in the green.

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

Key levels:

Resistance Levels: $62,000, $64,000, $66,000

Support Levels: $48,000, $46,000, $44,000

BTCUSD – Daily Chart

After seeing its market bleed for weeks, BTC/USD has managed to stage a sudden comeback on the last day of April. The Bitcoin price is back above $56,000 once again, after a tug-of-war between bulls and bears have led to a bit of a stalemate just as the April monthly comes to a close.

What is the Next Direction for Bitcoin?

BTC/USD touches the daily high of $57,421 today, if the king coin breaks below the $56,000 level; it could test the next support lines at $55,000. Alternatively, Bitcoin has to reclaim the first resistance at $58,000 to head upwards. If successful, the primary cryptocurrency could aim high by reaching the resistance levels at $62,000, followed by $64,000, and $66,000 respectively. More so, BTC/USD is slowly moving higher towards the $57,000 resistance level.

On the other hand, if there is no clear break above $57,000, there are chances of a fresh decline. However, as the 9-day MA remains below the 21-day MA, the coin may stay within the negative side and initial support is near the $55,000 level. The main support may be forming below the moving averages, which the price could dive towards the supports of $48,000, $46,000, and $44,000 as the technical indicator RSI (14) moves above 50-level.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

Looking at the 4-hour chart, BTC/USD is trading above the 9-day and 21-day moving averages. However, intraday trading is still looking bullish but a cross below the moving averages could hit the support level at $54,000 and below.

BTCUSD – 4 Hour Chart

However, in as much as buyers keep moving the market upward, traders can expect a retest at the $57,500 resistance level, and breaking this level may further push the price towards the resistance level of $60,000 and above. Similarly, the RSI (14) moves above 60-level to confirm the bullish movement.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close