Bitcoin (BTC) Price Prediction – April 7

The Bitcoin price is back under $57,000 after losing an important trend line that has supported the cryptocurrency’s uptrend.

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

Key levels:

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

Support Levels: $51,000, $49,000, $47,000

BTCUSD – Daily Chart

After losing momentum above the $58,000, BTC/USD is facing another decline as the coin crosses below the 9-day and 21-day moving averages. The Bitcoin price is seen trading below the $57,500 and $57,000 support levels. However, the Resistance above $60,000 has proven once again too strong for bulls to break, and bears are now pushing the price per coin back down to retest support lower.

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Would Bitcoin Go Up or Down?

Despite the risk of losing the uptrend above the moving averages, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over. The Bitcoin price continues to follow a sharper uptrend line at one point, and although the 9-day MA is still above the 21-day MA, therefore, no dramatic downside has ever materialized.

Moreover, if the bulls push higher, the first level of resistance is located at $57,500. A sustainable move above $58,000 is needed for the upside to gain traction while the next important resistance may come at $60,500. Further resistance levels could be located around $62,000, $64,000, and $66,000 while the critical supports lie at $51,000, $49,000, and $47,000.

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

Looking at the 4-hour chart, the bears are seen coming back into the market as the 9-day MA crosses below the 21-day MA. The break below this crucial barrier caused it to plunge as low as $55,931, with bulls stepping up and guarding against a decline beneath this level. Meanwhile, unless it recaptures $57,000 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.

BTCUSD – 4 Hour Chart

However, any further bearish movements could see the support levels of $54,500 and below. Meanwhile, as the technical indicator RSI (14) moves below 35-level, bearish signals could push the price below the lower boundary of the channel. On the other hand, the resistance levels to watch are $58,000 and above.

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BTC/USD Dips Below $58,000 Level as Bears Step Into the Market

by Daniel Sean
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