Bitcoin Price Prediction – April 8
Bitcoin price has fallen below $43,000 again after losing a significant trendline that was supporting the cryptocurrency’s uptrend.
BTC/USD long-term trend: Volatile (Daily chart)
Key Levels:
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $38,000, $36,000, $34,000
BTCUSD - Daily Chart
Now, BTC/USD is losing momentum above $44,000 while remaining below the 9-day and 21-day moving averages. Bitcoin price is trading below the $43,500 and $43,000 levels. However, the resistance level above $44,000 has once again proved too strong for the bulls and the bears are now pushing the price of each coin back to retest lower supports.
Bitcoin Price Prediction: Is Bitcoin (BTC) Heading Down?
Although there is a risk of losing the upward trend of the moving average, it does not mean that the downward trend will begin or the larger bull market will end immediately. The price of Bitcoin continues to run along a steeper upward trend line, although the 9-day moving average remains above the 21-day moving average, so there has never been a dramatic drop.
Moreover, if the bulls push higher, the first resistance level lies at $44,500. A sustained rise above $45,000 is needed for the uptrend to gain momentum, while the next significant resistance could emerge at $46,500. Further resistance levels could lie at $47,000, $49,000 and $51,000, while key supports lie at $38,000, $36,000 and $34,000. The technical indicator Relative Strength Index (14) remains below the 50 level.
BTC/USD Medium-term Trend: Bearish (4-hour chart)
Looking at the 4-hour chart, bears are back in the game as the 9-day moving average is below the 21-day moving average. A breakout of this critical resistance led to a drop to $42,537 where bulls stepped up and prevented the price from falling below this level. Meanwhile, unless $44,000 is recaptured in the near term, bears are likely to have the upper hand and the BTC/USD pair could soon fall sharply.
BTCUSD – 4-hour chart
However, further bearish action could see support below $41,000. Meanwhile, as the technical indicator relative strength index (14) enters the oversold zone, Bitcoin could see more downside. On the other hand, if the upside momentum is above the moving averages, resistance levels above $45,000 could be seen.
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