Bitcoin (BTC) Price Prediction – April 3
Bitcoin price is trading at $59,274.72 but the coin seems to be preparing for another consistent higher high trend.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $64,000, $66,000, $68,000
Support Levels: $55,000, $53,000, $51,000
BTC/USD hit pause within a whisker of $59,000 and this incredible breakout occurred following the 9-day MA crossing above the 21-day MA. Today, the largest digital assets extended the gains towards the resistance level of $60,000. However, the market experiences rejection at $59,752 which is the daily high.
Where is BTC Price Going Next?
As of now, the market price for BTC/USD is trading above the 9-day and 21-day moving averages. The next resistance levels lies at $64,000, $66,000, and $65,000. Typically when the new uptrends are beginning to form, traders will use the upper boundary of the channel as a pivot resistance point to gauge the strength of the trend. When price levels keep moving above the moving averages, this is a sign of sustainability and will likely result in a continuation of the newly formed trend.
However, should BTC price failed to move up; we may see a price cut below the moving averages. A further low drive could bring the price to $55,000, $53,000, and $51,000 supports. At the moment, the bulls are still defending critical support. But as things stand, the Bitcoin price is rising as the technical indicator RSI (14) is moving above the 60-level.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the market has been following a sideways movement for the past few days but the bulls are trying to take control by defending the $58,500 support. If not, the $58,000 and below may come into play.
However, if bulls keep the market above the moving averages, traders may expect a retest at the $60,200 resistance level, and breaking this level may further push the price towards the resistance level of $61,000 and above. Nevertheless, the RSI (14) is seen moving below 60-level, crossing above it may increase the bullish movement.