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

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

• 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.

BTCUSD-Hourly-Chart-April-1

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.

BITCOIN SELL ORDER

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

 

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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.