Bitcoin Price Prediction: BTC/USD Could Suffer More if Fails to Reclaim $60,000 Level
Bitcoin (BTC) Price Prediction – April 21
The Bitcoin price is holding the $55,000 support zone and it must clear the $58,000 resistance to move into a positive zone.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $50,000, $48,000, $46,000
During this period, BTC/USD is facing down with 2.8% in the value. It is likely to retain this bearish vibe in the near term as the technical indicator RSI (14) moves to cross below the 40-level, shifting focus from the upward trend which may begin to create a new trend towards the south. At the time of writing, the price of Bitcoin is hovering at $54,915.
Where is BTC Price Going Next?
As BTC/USD focuses on the downward movement, the critical support at $54,500 may be tested as the price consolidates. Failure of the noted support may likely see the price crossing below the lower boundary of the channel. This area is likely to slow down the correction and serve as a jumping-off ground for another recovery attempt; however, if it is out of the way, the support level of $50,000, $48,000, and $46,000 may come into focus.
In the meantime, Bitcoin is trading at $54,914 amid a building bullish momentum. More so, BTC/USD is still fighting to correct the subtle bearish movement, and the bullish trend coupled with the right volume and high volatility level is the right ingredient for the recovery to $58,000 in other to resume its upward movement towards $60,000, $62,000, and $64,000 resistance levels.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Checking the 4-Hour chart, BTC/USD is currently trading below the 9-day and 21-day moving averages. However, BTC price hovers around $55,185 and may take time to persistently trade above $56,000. The upward movement may likely retest the $58,000 and $60,000 resistance levels if the bulls regroup again.
However, on the downside, the price could fall below $54,000 if the bears put more pressure on the market, a further movement could test the critical support at the $53,000 level and below. The RSI (14) moves below the 45-level, indicating a bearish movement.