Bitcoin Price Analysis: Bitcoin’s Price Remains Under $6900 But Buyers Still Showing Interest.

Bitcoin Price Analysis: Bitcoin’s Price Remains Under $6900 But Buyers Still Showing Interest.

• Bitcoin is still facing crucial resistance around $6900 resistance
• While BTC holds temporal support at $5880, a rebound at $6300 could provide a fresh increase for Bitcoin

Bitcoin is showing a sign of bullish for some days now but the $6900 resistance has continued to pose a serious threat to the bulls. Though the trading volume is trooping back into the market. Once Bitcoin can clear this resistance, we can expect a huge price movement to the upside. Otherwise, BTC would continue to struggle under this crucial resistance.

Key resistance levels: $6900, $7200, $7500
Key support levels: $6000, $5677, $5200

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

Apart from $4000, which is the monthly low, Bitcoin has further built support at $4500, $5200 and $5677 respectively. Yesterday, Bitcoin bounced back at $5880 to $6600 after a three day sells from $6900. As of now, the price has dropped to $6377 as Bitcoin shows a sign of weakness.

BTCUSD, 4H Chart – March 31

In the drops become significant, there’s close support at $6000. A further drop could send BTC back into the green demand zone at $5677. Support below this zone is located at $5200. Inversely, Bitcoin could start fresh increase if buyers can overcome the $6900 resistance, marked red in the above chart. Then, further resistance is expected at $7200 and $7500, around the orange regression line.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is technically bearish on the hourly chart, although it has witnessed a mild bullish over the last 24-hours trading. Following recent rejections, circled yellow at the orange regression line, Bitcoin is likely to drop heavily in the next few hours. As we can see, the price has already dropped near support of $6300 that got broken yesterday.

BTCUSD, Hourly Chart – March 31

If this support level breaks significantly, Bitcoin could roll straight to $6000, where the second green area lies. The following support here is $5880, which is yesterday’s low. In case Bitcoin finds support around the immediate green demand area, the price is likely to bounce back at $6600 resistance, which is slightly above the orange line. If the resistance holds as support, the next buying target would be $6800 and $6900.

PENDING BUY ORDER

Buy: $6300
TP: $6540
SL: $6212

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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.