Bitcoin Price Analysis: Bitcoin Facing Solid Resistance At $7000, Will It Break Or Make?

15 April 2020 | Updated: 15 April 2020

 

• Bitcoin is facing heavy supply at $6900 – $7000 area, although it may start a fresh increase if the price can successfully breakthrough
• Bitcoin bulls are trying to hold momentum but selling pressure remains dominant.

Since the massive selloff over the weekend, Bitcoin’s volatility has been quite moderate after recovering from $6600 on Tuesday. Bitcoin’s price is facing a tough resistance at around $6900 – $7000 area. This price area is likely to determine the next major move in Bitcoin’s price if breakout or rejection occurs.

Key resistance levels: $7000, $7191, $7450
Key support levels: $6400, $6200, $5880

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Since Bitcoin broke down from a wedge, the price has continued to drop as volatility expands to the downside. Though selling pressure is still weak at the moment. Bitcoin is now trapped inside a small descending channel, which shows that there’s a low selling volume on the 4-hours chart.

BTCUSD, 4H – April 15

Currently, the price is trading around the channel’s resistance at $6900. A successful break above $7000 could allow buyers to revisit previous resistance at $7191 and $7450. The potential support here is $6600 (current weekly low) and $6400. If a channel breakdown occurs, $6200 (marked blue) could come into play. Below this level lies a grey demand area at $5880.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Zooming into the hourly chart, we can see that Bitcoin is moving in a downward spiral. Bitcoin’s price is currently held in a channel pattern for the past 9 days now. Recently, the price got rejected around $6900-$7000 resistance area – marked yellow on the price chart; although the buyers have managed to regroup back.

BTCUSD, Hourly – April 15

If they can overcome this yellow spot, the next rally is likely to reach $7191 resistance, followed by $7300 and $7450 on the upside. If the buyers fail to regroup further, however; the price may drop back to $6750 and $6600 support. Bitcoin may even extend bearishness to the channel’s support at $6500 if selling pressure becomes heavy.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.