Bitcoin Price Analysis: BTC/USD Splendidly Reconquers $6,400, $7,000 Is The Bullseye

By John Isige
Published March 31, 2020 Updated March 31, 2020
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Bitcoin Price Analysis: BTC/USD Splendidly Reconquers $6,400, $7,000 Is The Bullseye

By John Isige
Published March 31, 2020 Updated March 31, 2020
  • Bitcoin price recovery above $6,500 could boost fresh gains towards $7,000.
  • BTC/USD is technically ready to take on the resistance at $6,500 but low trading volume still limits gains.

Bitcoin price led recovery across the market on Monday following a remarkable surge above the key $6,000 level. On reclaiming the support at $6,200, the bulls cemented their position on the market, making it easier to reclaim the next broken support at $6,400. Meanwhile, BTC/USD is teetering at $6.451 amid the struggle to clear the short term hurdle at $6,500.

As long as the price stays above the immediate support provided by the 38.2% Fibonacci level of the last swing high to 10,517.57 to a swing low at $3,932.73, Bitcoin could continue to surmount the key resistance at $6.500. The ultimate medium-term goal is to not only test but conquer the stubborn resistance at $7,000.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

From a technical perspective, Bitcoin price is back in a bullish phase (above $6,400). The Relative Strength Index (RSI) emphasizes the increasing bullish grip. This indicator has corrected upwards from March 2020 lows at 15 to the current 46.76. A minor dip over the weekend held the ground above 40, sustaining the influence of the bulls over the price.

As far as support areas are concerned, the 38.2% Fibo is the initial support around $6,400. If a reversal ensues, $6,200 will be the next target. Corrections beneath $6,000, would find a balance above $5,800. However, according to the technical picture, Bitcoin price could remain bullish in the coming sessions with a $7,000 being the ultimate target.

Bitcoin Key Levels

Spot rate: $6,468

Relative change: 62.16

Percentage change: 0.89%

Trend: Sideways action could take center stage

Volatility: Low

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1158 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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