Bitcoin Price Analysis: Bitcoin Surges 14% To Reach $7200, Can It Hold Gains?

Michael Fasogbon

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• Bitcoin signals fresh rally after breaking out from an ascending triangle on the 4-hours chart
• The next price target for Bitcoin is $8000 if the $7000 level can act as support
• Bitcoin hits $7200 following a 14% increase in a day.

Following yesterday’s rejection at $6635, Bitcoin saw about 5% drops but later found a rebound level at $6170, which is now acting as support for the ongoing increase. Bitcoin is currently trading around $7200 following current breakout. In case Bitcoin fails to hold gain, the price is likely to roll back to $6900

Key resistance levels: $7200, $7600, $8000
Key support levels: $6900, $6600, $6170

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin broke above $7000 after witnessing series of rejection around $6900 resistance. Taking a look at the chart, Bitcoin appeared to be starting a fresh increase. In the next few days, the price could hit $8000 level if price remains above the $6900 level. Before then, Bitcoin could encounter resistance at $7600.

BTCUSD, Daily Chart – April 2

In case of a retracement, the support to look out for is $6900. If Bitcoin drops lower, the closest support to watch is $6600 and $6170 support, where the price bounced back yesterday. So far, Bitcoin has shown strength over the past hours. We should expect a more positive movement in the next few days.

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

Since the mid-March crash to $4000 on Bitfinex, Bitcoin has seen a lot of recovery, leaving many supports at $4400, $5880 and $6170 yesterday’s low, circled white on the 4-hours chart. Technically, these bullish footprints show that Bitcoin is stylishly reversing the trend.

BTCUSD, 4H Chart – April 2

Meanwhile, the $6900 resistance, which is a major concern for the bulls for the past three weeks just got broken a few minutes ago. If Bitcoin can close well above this resistance today, the next bullish target would be $7200 resistance, followed by $7600 and perhaps $8000 before the end of the week.

BITCOIN BUY ORDER

Buy: $7011
TP: $7200
SL: $6866

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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.

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