Bitcoin Price Analysis: Let The Uphill Run Begin; BTC/USD $7,000 Breakout Unstoppable

Published March 26, 2020 | Updated March 26, 2020

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Bitcoin Price Analysis: Let The Uphill Run Begin; BTC/USD $7,000 Breakout Unstoppable

  • Bitcoin price upside capped under two critical zones; $6.850 and $7,000.
  • The technical picture shows BTC/USD bulls largely in control they prepare for takeoff above $7,000.

Many cryptocurrency analysts and enthusiasts do not buy the idea that Bitcoin has bottomed and is setting the stage for a grand rally to beat 2020 high around $10,500. Their skepticism is driven by the fact that Bitcoin tested $7,000 and failed to breakthrough. Another attempt that followed recovery from support at $6,000 on Wednesday stalled at $6,850.

At the time of writing, Bitcoin price is doddering at $6,703 following a minor upward advancement from $6,795 (opening value). Although the volatility is low, BTC/USD remains largely in the hands of the bulls. For instance, ascending channel support has stayed in place since the crash under $4,000.

Bitcoin Technical Analysis

In the last three days, the Relative Strength Index (RSI) stayed above the average (50). For now, the indicator is holding the position at 53.96. Moreover, the Moving Average Convergence Divergence (MACD) downtrend seems to have taken a breather above the mean line. As long as the MACD sits in the positive region, buyers’ influence will stay intact.

BTC/USD downside is initially supported by the 50 SMA at $6,669.50 in the 2-hour range. Other key support areas include the 100 SMA at $6,408, $6,000, $5,500 and $5,000.

The sellers’ congestion at $7,000 remains critical to Bitcoin price. A flip is expected when the zone is tested next; a breakout above $8,000 is expected but if push comes to shove Bitcoin could sharply dive to $6,000.

BTC/USD 2-hour chart

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

Bitcoin Key Levels

Spot rate: $6,744

Relative change: 53

Percentage change: 0.80%

Trend: Ranging

Volatility: Shrinking

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 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
John Isige 939 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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