Bitcoin Price Prediction – April 7
The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move towards the $44,000 level.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $40,000, $38,000, $36,000
BTC/USD is currently trading around $43,650 with a 1.12% gain in the past 24-hour. Looking at the daily chart, the Bitcoin price is struggling to stay above the important level of $43,500. More so, for BTC/USD to remain above this level for the past few days, it has made many traders feel that the $42,000 support level could be pretty strong.
Bitcoin Price Prediction: Would BTC Price Break Higher
The Bitcoin price touches the daily low of $42,734 today, if the number-one crypto breaks below this level, it could test another support below the 9-day and 21-day moving averages at the $42,000 level. Alternatively, Bitcoin may reclaim the previous resistance level at $44,000 to head upwards. If successful, the primary cryptocurrency could aim at $48,000, $50,000, and $52,000 resistance levels.
However, the technical indicator Relative Strength Index (14) is moving averagely as the signal line moves to cross above 50-level. More so, this means that there may still be a room that could be explored by the bears if it crosses below 40-level. Moreover, the critical supports at $40,000, $38,000, and $36,000 may play out.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) is now recovering from the oversold region and this may confirm the bullish movement. Meanwhile, adding to the above, there is a little bit of bullish divergence on the RSI (14) as the signal line may cross above 40-level to continue the bullish movement.
However, if the Bitcoin price breaks below the upper boundary of the channel, the market price may likely reach support at $41,000 and below. Meanwhile, if the current market value rises and crosses above the 21-day moving average it may likely reach the resistance at $46,000 and above.
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