Bitcoin Price Analysis: Bitcoin Reclaims $6000 Following 12% losses Over Weekend, Can It Hold?

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30 March 2020 | Updated: 30 March 2020

• While Bitcoin remains bearish on the weekly chart, the bulls are struggling to regain control
• The only condition for a bullish continuation is if Bitcoin can increase well above $7000

After struggling to stay above $6900, Bitcoin turned weak and saw a 10% drops during the weekend. This price drops led to a slight break below $6000 level and brought a weekly close around $5880. Following this week opening, Bitcoin has bounced back and now trade around $6295.

Key resistance levels: $6500, $6900, $8000
Key support levels: $6000, $5677, $5200

Bitcoin (BTC) Price Analysis: Weekly Chart – Bearish

Since the Early March crash, Bitcoin is still struggling to recover back as the price remains trapped inside a symmetrical triangle on the weekly chart. As we can see, Bitcoin wicked twice at $6900 to show that there’s a strong resistance around this mentioned price levels. Though, the bulls are starting to regroup again towards this resistance.

BTCUSD, Weekly chart – March 30

Notwithstanding, Bitcoin is still considered bearish on the weekly. The buyers need to push above the $6900 resistance before we can consider a bullish move to $8000, around the triangle’s resistance. Considering the bearish sign (last week’s pin bar), Bitcoin is likely to roll back to $5200 if $6000 support breaks again.

Bitcoin (BTC) Price Analysis: 4-Hours Chart – Neutral

In the 4-hours chart, Bitcoin appeared to be forming a range, considering the latest recovery from $5880. As we can see, Bitcoin is charging again at a strong supply zone, marked red on the chart. Meanwhile, there’s a small resistance at $6500, which is likely to suppress the ongoing buy actions.

BTCUSD, 4H Chart – March 30

In case Bitcoin overcomes this resistance to reach the supply zone, a breakout could send a strong buy to $7600 or even $8000. However, if Bitcoin resume selling, the first support here is $5880 (today’s opening price), followed by the green demand area of $5677. A dip below this support could cause huge selloff to $5200. As of now, Bitcoin is showing a sign of recovery while it remains sideways.

BITCOIN BUY ORDER

Buy: $6295
TP: $6480
SL: $5980

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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.