Bitcoin Price Prediction – April 8
The Bitcoin price is back under $43,000 after losing an important trend line that has supported the cryptocurrency’s uptrend.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $47,000, $49,000, $51,000
Support Levels: $38,000, $36,000, $34,000
After losing momentum above the $44,000, BTC/USD is facing another decline as the coin stays below the 9-day and 21-day moving averages. The Bitcoin price is trading below the $43,500 and $43,000 levels. However, the Resistance level above $44,000 has proven once again too strong for bulls to break, and bears are now pushing the price per coin back down to retest support lower.
Bitcoin Price Prediction: Would Bitcoin (BTC) Head to the Downside?
Despite the risk of losing the uptrend above the moving averages, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over. The Bitcoin price continues to follow a sharper uptrend line at one point, and although the 9-day MA is still above the 21-day MA, therefore, no dramatic downside has ever materialized.
Moreover, if the bulls push higher, the first level of resistance is located at $44,500. A sustainable move above $45,000 is needed for the upside to gain traction, while the next important resistance may come at $46,500. Further resistance levels could be located around $47,000, $49,000, and $51,000 while the critical supports lie at $38,000, $36,000, and $34,000 as the technical indicator Relative Strength Index (14) remains below 50-level.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the bears are coming back into the market heavily as the 9-day MA stays below the 21-day MA. The break below this crucial barrier caused it to plunge as low as $42,537, with bulls stepping up and guarding against a decline beneath this level. Meanwhile, unless it recaptures $44,000 in the near term, the bears could have the upper hand over the bulls, and BTC/USD may soon reel significantly lower.
However, any further bearish movements could see the support level of $41,000 and below. Meanwhile, as the technical indicator Relative Strength Index (14) moves into the oversold region, the king coin may claim more downtrends. On the other hand, any bullish movement above the moving averages could hit the resistance level of $45,000 and above.
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