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

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Michael Fasogbon

Updated:
• 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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