BTC Price Prediction: Bitcoin Price Could Rally 12-13% If this Level Holds

Brian Bollinger
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
BTC Price Prediction bitcoin news

BTC Price Prediction: Over the last ten months the bitcoin has shown the formation of a rounding bottom pattern. Under the influence of this pattern, the coin shows an evident change in market trend as the price action turned from a lower high and lower low formation to a higher high and higher low. This early sign of a trend reversal can offer long opportunities to interested traders.

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Key Points

  • A bullish breakout from $29000-28660 resistance has set the BTC price to prolong the bullish rally.
  • The 20-day EMA can act as a key support bolstering the ongoing recovery rally.
  • The intraday trading volume in Bitcoin is $15.6 Billion, indicating a 36% gain

BTC Price PredictionSource-Tradingview

On April 10th, the Bitcoin price gave a bullish breakout from the local resistance of $29000-28660, offering a stepping stone to lead a further recovery rally. This recent recovery peaked the coin price at $30680 and hit a minor roadblock. 

Since last week, the daily chart showing higher price rejection candles near the $30680 mark suggested some profit booking from short-term traders. By the press time, the Bitcoin price traded at $29554 with an intraday loss of 2.94%.

Also Read: 15 New Cryptocurrencies To Buy In 2023

With sustained selling the coin price may tumble 3% and revisit the breached $29000 mark. This retest phase could offer a buying opportunity if the buyers manage to hold above this flipped support. The post-retest rally would resume the revealing recovery and surge the price 12-13% higher to hit the next significant resistance of $32266

In case, the BTC price plunges below the $28660 support, the resulting bull trap scenario will trigger a longer correction.

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Technical Indicator

Moving Average Convergence/Divergence Indicator: a bullish uptick in the MACD(blue) and the signal line(orange_ moving higher above the neutral line reflect a bull trend sentiment

Relative strength index: with a bearish divergence in the daily chart, the daily RSI slope showcasing a downtick increases the possibility of minor retracement.

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Bitcoin Price Intraday Levels

  • Spot rate: $29585
  • Trend: Bearish
  • Volatility: Medium
  • Resistance levels- $32150 and $35200
  • Support levels- $28800 and $26750
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.