Bitcoin Price Analysis: Bitcoin Starting New Month On Bearish Following Daily 4% Drops, Will $6000 Hold?

Michael Fasogbon


Unlock Daily Forex Signals

Select a Plan


1 - month



3 - month



6 - month






Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

• The price dropped below $6300 level after losing 3.49% today
• Bitcoin resumes selling pressure after facing strong rejection at $6600 resistance
• The next price target for Bitcoin is located at $6000.

After opening short for the new month, Bitcoin lost 3.49% today to reach a current daily low of $6170 mark. As of now, the price is trading around $6200 against the US Dollar. The price is still in a downtrend. We can expect more sell actions as long as bears continue to gain control of the market.

Key resistance levels: $6300, $6550, $6900
Key support levels: $6000, $5677, $5200

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

Today, Bitcoin lost the $6300 support following a sell from $6600 yesterday. As can be seen on the price chart, Bitcoin is revealed in a downward range, charging towards a big demand area of $5677, which is marked green on the price chart. Along the way, BTC is likely to encounter support around $6000.

BTCUSD, 4H Chart, April 1

If the mentioned supports fail to contain selling pressure, a drop below the green area could send price straight to $5200. On the upside, Bitcoin is holding resistance at $6300 and $6600 – the current weekly high. If Bitcoin can regain momentum above these resistance levels, the next buying target would be $6900, where the red line lies.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is moving in a downward trend on the hourly chart. The past 7 days drop was subsequently followed by multiple rejections from the yellow spot of $6900, $6800 and $6600 resistance. More so, the price is similarly respecting the orange regression line.


Bitcoin is currently facing a key price level of $6050, where the green demand area lies. If this demand area provides a strong rebound level, Bitcoin could recover back to $6300 level. From here, the bulls may have an opportunity to reclaim the $6500 – $6600 resistance. However, Bitcoin could sell heavily at $5880 (yesterday’s low) if the demand area fails to hold.


Buy: $6222
TP: $6057
SL: $6322


  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *