Bitcoin (BTC) Price Prediction – April 7, 2021
Bitcoin price now fluctuates below and above the $58,000 crucial support level. Besides, the price action is characterized by small body candlesticks called Doji and Spinning tops. These candlesticks describe that buyers and sellers are undecided about the direction of the market.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
On the daily chart, the small body candlesticks called Doji and spinning tops indicates that buyers and sellers are in a period of indecision. This is the reason the king coin has been fluctuating below the $60,000 overhead resistance. In a nutshell, BTC price is fluctuating between $57,000 support and $60,000 overhead resistance since March 30. For the past week, Bitcoin has not trended. BTC/USD has been confined in a price range.
Presently, the market is falling below the $58,000 support. BTC price tends to rise above this crucial support level. The king coin will resume trending if the $60,000 resistance or the $57,000 support is breached. On the upside, if buyers can push BTC price above $60,000 and $61,800 resistances, the coin will rally above $70,000. However, if the bullish scenario fails the market will continue to be range-bound between the confined ranges.
Russian Lobby Group Initiate New Campaign against Anti-Crypto Laws
A group of Russian lobbyists led by the law firm Digital Rights Center has launched a new campaign against regulatory initiatives on the cryptocurrency market. This group includes the Commission on Blockchain Technologies and Digital Economy, the Russian wide public organization Investment Russia and the nonprofit organization RosComSvoboda.
The campaign argues that the proposed regulations of digital currencies in Russia “do not meet the needs of the market.” The lobbyists have also initiated a public petition toward major Russian regulators including the Ministry of Finance, the Ministry of Economic Development, the Bank of Russia, the Federal Taxation Service, and the Russian State Duma Committee on Financial Markets.
BTC price has continued to fluctuate in a confined range. On March 15, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Bitcoin will rally to level 1.618 Fibonacci extension or the high of $70,814.10. From the price action, the BTC price is yet to break the $60,000 overhead resistance. A breakout will accelerate price movement to reach the targeted price level.