Bitcoin Price Analysis – Bitcoin Stays Calm After Reaching $6800 Mark, Where Next?

25 March 2020 | Updated: 25 March 2020

• Bitcoin dropped gains to 1.65% today after waiting around $6700 for the past few hours
• The price is still trading well within a rising channel on the 4-hours chart.

Since our previous crypto trading analysis, Bitcoin’s price has remained under the $6900 (last week’s high) level, although the bulls managed to push the price to $6800 before meeting rejection. As of now, Bitcoin is slightly trading around $6700 against the US Dollar. We can expect massive gains once Bitcoin surpasses the $6900.

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

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin is still struggling to push higher above last week’s high – $6900, although the bulls are still nicely gaining control on the daily chart. In fact, Bitcoin has recovered over 60% from the monthly low. But the latest pause around $6700 is keeping buyers in suspense of the next possible move.

BTCUSD, Daily Chart – March 25

Before we can see a decent rally, Bitcoin would need to surge above the $6900, which is marked blue on the price chart. A successful climb could allow gains to $7500 and maybe $8000, where the white regression line lies. If Bitcoin drops again, the $6000 level could function as support. If this support fails, Bitcoin could slip back to the weekly low of $5677, followed by $5000.

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

Bitcoin’s recovery is captured in a rising channel formation for the past 13 days now. As we can see on the 4-hours chart, Bitcoin is still showing strength following a nice bounce off the channel’s lower boundary this week. The price is now subdued with choppy price actions after climbing to $6800 mark yesterday.

BTCUSD-4H-Chart-March-25

If Bitcoin resumes bullish, $7000 level would be the next buying target. Resistance after this level is $7500. Meanwhile, the buyers would need to clear the $6900 level. Inversely, a drop below the $6500 could trigger a sell to $6300 and $6000 support, right on the channel’s lower boundary. A break below this channel would cause a serious selling pressure in the market.

BITCOIN BUY ORDER

Buy: $6666
TP: $6900 / $7000
SL: $6250

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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.