Bitcoin Price Prediction: BTC/USD Explodes Above $57,000; More Further Upside May Play Out
Bitcoin (BTC) Price Prediction – April 8
BTC/USD remains at the upside as the bulls are holding tight to the market ever since the price action tested the $55,400 support yesterday.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $62,000, $64,000, $66,000
Support Levels: $52,000, $50,000, $48,000
Earlier today, BTC/USD begins to see some signs of immense strength as buyers propel it up towards $57,500. Meanwhile, the 9-day moving average is still very much above the 21-day moving average, and bulls are now just a stone’s throw away from breaking above this barrier. However, the buyers are in full control of the market today, and there is a strong likelihood that further upside could come about in the next few days.
What to Expect from Bitcoin (BTC)
At the time of writing, Bitcoin (BTC) is trading up 2.58% at its current price of $57,397. Moreover, as the resistance mounts, the movement towards $58,000 may likely come into focus and the next few days may likely reveal where Bitcoin (BTC) and other altcoins will trend for the remaining part of this week.
Moreover, if bulls can cause the price to remain above the 9-day and 21-day moving averages, moving up further could push the price above the upper boundary of the channel to touch the resistance levels of $62,000, $64,000, and $66,000. Fortunately, the technical indicator RSI (14) is still looking towards the upside, suggesting more bullish signals into the market.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4 hour chart, BTC/USD is trading at $57,729 as all eyes are glued on the $58,000 resistance level. Looking at the chart currently, the coin is seen trading above the 9-day and 21-day moving averages while the existing daily trend is bullish. Therefore, the buyers could remain in the driver’s seat but rapid price actions may need to play out.
At the time of writing, the bullish trend line may need to be broken, which is why Bitcoin’s priority still remains the same and the coin may likely retest the support of $55,000 and below. Meanwhile, if the technical indicator RSI (14) continues to follow the upward movement, BTC/USD may likely hit the resistance level of $59,000 and above.