Bitcoin Retreats To Its Range To Make Positive ProgressApril 7, 2023
Bitcoin (BTC) price has pulled back above the moving average lines after the recent rejection at $28,801.
Bitcoin price long-term forecast: bullish
On April 5, buyers made a failed attempt to regain the previous highs. At the time of writing, one Bitcoin costs $27,936. The price of the asset ranges between $27,000 and $28,500. It is doubtful that the downward pressure will increase. Nevertheless, the Bitcoin price carries the risk of a decline if the current support is broken. For example, the cryptocurrency value will fall to its previous low, which was above $26,000. Bitcoin will rise if the cryptocurrency value rises back above the current support. The market will overcome the upper limit of $29,000. If prices rise above $30,000, the positive trend will continue.
Bitcoin indicator display
The Relative Strength Index for Bitcoin is at 58 for the period 14. The cryptocurrency asset is within the positive trend zone and still has a lot of room to go up. The price bars continue to trade above the moving average lines despite the decline, which will lead to further positive progress. Currently, the daily stochastic is at 40, where the negative momentum has calmed down.
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What’s next for BTC/USD?
Currently, the largest cryptocurrency is between $27,000 and $28,500. Once these hurdles are overcome, Bitcoin will start trending. The price of BTC will remain in a range for a few more days.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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