Bitcoin Price Prediction – April 5
Bitcoin price prediction shows that BTC continues to trade below the 9-day moving average after touching the $45,475 support level.
BTC/USD long-term trend: range-bound (daily chart)
Key Levels:
Resistance: $51,000, $53,000, $55,000
Support levels: $42,000, $40,000, $38,000
BTCUSD - Daily Chart
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BTC/USD is facing a pushback as the king of coins moves downwards. Bitcoin price may see a bearish trend in the short term, and technical indicators also confirm this. Currently, Bitcoin (BTC) is free falling from $47,200 to around $45,863 levels during today's European trading session.
Bitcoin Price Prediction: Bitcoin (BTC) May Be Heading Down
From the daily chart, Bitcoin price is currently plummeting below the 9-day moving average. However, if the price falls below the $45,000 support level, the coin king is likely to fall further, and further bear market movement may locate support levels at $42,000, $40,000, and $38,000, creating room for Bitcoin to fall further.
Meanwhile, the technical indicator Relative Strength Index (14) is crossing the 60 level downwards, and the trading volume may support the bears. In addition, if the bulls decide to push the price above the 9-day moving average, BTC/USD may break through the upper boundary of the channel, positioning the resistance levels at $51,000, $53,000 and $55,000.
BTC/USD Medium-term trend: Range-bound (4-hour chart)
On the 4-hour chart, Bitcoin price remains below the 9-day and 21-day moving averages, with short-term support at $45,000 levels. However, if the bears re-enter the market, the price could fall below the lower border of the channel.
BTCUSD – 4-hour chart
Nevertheless, further bearish movement may test the key support level of $44,000 and below, while resistance may be located at $48,000 and above the moving average. Meanwhile, Bitcoin price is currently moving in the negative zone, with the technical indicator Relative Strength Index (14) still below the 50 level.
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