Bitcoin Price Analysis – Bitcoin Regains Momentum Above $6k After Surging 15% Under 48-Hours

Bitcoin Price Analysis – Bitcoin Regains Momentum Above $6k After Surging 15% Under 48-Hours

• Bitcoin regains momentum back but still need to clear $6927 (last week’s high) before producing more gains.
• The $6000 level is now acting as weekly support for Bitcoin

Yesterday, Bitcoin reclaimed the $6000 level following a sharp surge from $5700. Today, BTC hits $6800 but the price has now dropped a bit to $6600. We can expect the market to keep growing as long as demand is increasing.

Key resistance levels: $6900, $7500, $8000
Key support levels: $6000, $5677, $5000

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

Bitcoin is following a bullish sentiment on the 4-hours chart. We can see that the price is still respecting the white rising trend line that is drawn from March 12 low. Recently, Bitcoin bounced off this line to indicate a continuation of the bullish trend. So far, the latest increase has brought the market near previous resistance of $6927, marked blue on the price chart.

BTCUSD, 4H Chart – March 24

If Bitcoin breaks this resistance level, the next target resistance is $7500 and perhaps $8000. Though, the ongoing bullish trend is currently supported by $6000. If Bitcoin drops below this support, the next support would be $5677 and $5000, right below the white ascending line.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin is forming a higher high and higher low pattern on the hourly chart. Similarly, this bullish pattern is maintained in a channel formation. Following the recent recovery from $5700, Bitcoin is likely to reach the channel’s upper boundary, which is around $8000.

BTCUSD, Hourly Chart – March 24

However, we need to see a climb above the $6927 resistance (last week’s high) before we can consider a further increase to $7200. Meanwhile, there’s a resistance at $6800, which is today’s high. In case Bitcoin pulls back, the levels to watch out for is $6400 and $6000 support. Nonetheless, the bulls are still gaining control of the market.

BITCOIN BUY ORDER

Buy: $6400
TP: $6900
SL: $6300

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Author : Michael Fasogbon

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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.