Bitcoin Price Prediction – April 4
The Bitcoin price prediction shows that BTC is following the bearish movement as the price drops to touch the $45,129 low.
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BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $51,000, $53,000, $55,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD is experiencing an unexpected selloff as the market price slides below the 9-day moving average. The first digital asset drops sharply to touch the support of $45,129 at the time that the market opens today. However, a reversal may play out, which may send the king coin above the opening price of $46,420 level if the bulls step back into the market.
Bitcoin Price Prediction: Where is Bitcoin (BTC) Going Next?
At the time of writing, the technical indicator Relative Strength Index (14) reveals that the Bitcoin price is following a bearish movement. In addition, the technical indicator Relative Strength Index (14) moves to cross below 60-level. This could mean that there is still room that may be explored by the bears. Therefore, BTC/USD may follow the downtrend if the market price crosses below the 21-day moving average.
On the upside, recovery may be delayed but any attempt to move towards the upper boundary of the channel may negate the bearish scenario and allow the king coin to move towards the resistance levels of $51,000, $53,000, and $55,000. Therefore, an increase in selling pressure could force the Bitcoin price to follow a bearish path towards the support levels of $42,000, $40,000, and $38,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-hour chart, the Bitcoin price remains below the 9-day and 21-day moving averages and the chart reveals that the coin is recovering from the lower boundary of the channel. However, the Bitcoin price is likely to return to the bull market if the 9-day MA remains above the 21-day MA. Higher resistance could be located at $48,000 and above.
Moreover, if the price drops below the channel, the support level of $45,000 may not be able to hold the support as the Relative Strength Index (14) may climb above 50-level. Therefore, the king coin is likely to touch the support level of $44,000 and below if the price breaks below the lower boundary of the channel.
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