Bitcoin (BTC) Price Prediction – March 31
BTC/USD price is trading nicely above $6,400 and the coin must climb the crucial $7,000 resistance to continue higher.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $7,800, $8,000, $8,200
Support Levels: $5,000, $4,800, $4,600
Yesterday, the BTC/USD increased significantly over the course of the day as the price opened at $5,863 but created a bullish engulfing candlestick that reached a high of $6,644 and closed at $6,421. More so, BTC/USD is currently trading at $6,437 as the price corrected higher with a gain of 0.49% at the beginning of the day. Strongly bullish momentum is contributing to nurturing an uptrend targeting $7,000 in the short-term.
However, the market is deciding above the 9-day and 21-day moving averages, where the buyers and sellers are anticipating a clear breakout or breakdown. BTC/USD is technically ready to take on the resistance at $6,800 but low trading volume still limits gains. Nonetheless, a strong bullish spike may push the price to $7,800, $8,000 and $8,200 levels.
Moreover, if the market makes a quick turn and follows the downtrend, the Bitcoin price may drop to $6,000 and should this support fails to contain the sell-off; traders may see a further roll back to $5,000, $4,800 and critically $4,600. The RSI (14) suggests a sideways movement for the coin as the signal line moves in the same direction.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the bears wanted to step back into the market but the bulls quickly held the support by picking the price from $6,389 to where it is currently trading at $6,447 which is still above the 9-day and 21-day moving averages. Meanwhile, the $6,700 and above may come into play if BTC/USD breaks above the channel.
However, if the price breaks below the moving averages of the ascending channel and begins to fall, the support levels of $6,200 and below may come to play. Meanwhile, the technical indicator RSI (14) is seen moving above 55-level, more bullish signals may surface before a reversal could come in.
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