Bitcoin Price Prediction: BTC/USD Retreats After Trading Above $47,000
Bitcoin Price Prediction – April 2
The Bitcoin price prediction shows that BTC rises in the early hours of today, but got rejected as the market ranges.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $51,000, $53,000, $55,000
Support Levels: $42,000, $40,000, $38,000
BTC/USD may begin to follow the bearish movement if the bears force the king coin to bow down to fresh losses. At the time of writing, BTC/USD is changing hands at $46,158 after adjusting from the resistance level of $47,219 which is an intraday high. Moreover, the Bitcoin price may be vulnerable to losses if the price crosses below the 21-day moving average.
Bitcoin Price Prediction: Bitcoin (BTC) Bears May Show Again
The Bitcoin price from a technical angle reveals that the market price may follow the downtrend or continue to move sideways because the bullish movement is not visible now. However, the technical indicator Relative Strength Index (14) may confirm the bearish movement if the signal line drops below the 60-level.
Moreover, bulls are currently banking on the 9-day moving average to ensure that despite a reversal, the Bitcoin price stays above this barrier. Any bearish movement below this could draw the coin towards the lower boundary of the channel and may cause the coin to reach the critical supports at $42,000, $40,000, and $38,000. Following the upward movement, if the coin crosses above the upper boundary of the channel, it may hit the nearest resistance levels at $51,000, $53,000, and $55,000 respectively.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
As the 4-hour chart reveals, the Bitcoin price is seen crossing below the 9-day and 21-day moving averages, and the bears are likely to come back into the market while the bulls are trying to defend the $46,000 support. If not, the $44,000, $42,000, and $40,000 support levels may come into play if the coin focuses on the downward movement.
Moreover, buyers may need to regroup and hold the support of $46,000, once this is done, traders may expect a movement towards the upper boundary of the channel, and this could push the king coin to the resistance levels of $48,000, $50,000, and $52,000. Meanwhile, the technical indicator Relative Strength Index (14) is seen dropping slightly below the 50-level, suggesting a continuous bearish movement.
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