Bitcoin Price Analysis: Range-play extends on Easter, bearish bias still intact


  • Bitcoin consolidates in a rectangle on the hourly chart.
  • The No.1 coin awaits a fresh catalyst amid Easter lull.
  • Path of resistance still appears to the downside.

Bitcoin (BTC/USD), the most dominant digital asset, has failed another attempt to sustain above the 6900 levels so far this Easter Sunday. The price turned south, thereafter, no flirting with daily lows just above the 0.68 handle, losing nearly 1% on the day. Despite the latest leg down, the no.1 continues to traverse in the recent trading range, as the bulls and bears are seen in a tug-of-war, in absence of fresh catalyst amid a typical Easter trading lull. Bitcoin is poised to settle the week almost unchanged while enjoying a market capitalization of $125.14 billion.

Technical Overview

BTC/USD 1-hour chart

From a short-term technical perspective, the most favorite crypto coin is likely to extend its consolidative mode so long as it holds above Friday’s low of 6750.92. On the hourly chart, the price is locked within a potential rectangle pattern.

Although the path of least resistance appears to the downside. To add, the hourly Relative Strength Index (RSI) has turned lower below the midline, suggesting the bears will likely remain in control going forward. Meanwhile, a bunch of resistances is stacked up that is making it a difficult task for the bulls to attempt a move higher.

 The immediate resistance awaits at the downward sloping 21-hourly Simple Moving Averages (HMA) of 6851.31 above which 6900, the intersection of the round figure and bearish 50-HMA will be tested. A move through the latter will bring the horizontal trendline resistance at 6955 back in play. The rectangle pattern bullish breakout will get confirmed should the price close above 6955 on an hourly basis, opening doors for a test of the critical horizontal resistance of the 200-HMA at 7045.

Alternatively, the bears have to take out the only demand area around 6775-6750, the confluence of the horizontal trendline support and Friday’s low, to resume last week’s corrective slide from monthly tops of 7468.81. A test of the 6600 level is inevitable on a failure to defend the abovementioned support zone.

BTC/USD technical levels to watch

BTC/USD

Overview
Today last price 6831.06
Today Daily Change -68.15
Today Daily Change % -0.99
Today daily open 6888.21
 
Trends
Daily SMA20 6743.82
Daily SMA50 7266.8
Daily SMA100 8147.42
Daily SMA200 8069.32
 
Levels
Previous Daily High 6955.21
Previous Daily Low 6774.09
Previous Weekly High 7468.81
Previous Weekly Low 6681.12
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 6886.02
Daily Fibonacci 61.8% 6843.28
Daily Pivot Point S1 6789.8
Daily Pivot Point S2 6691.39
Daily Pivot Point S3 6608.68
Daily Pivot Point R1 6970.92
Daily Pivot Point R2 7053.62
Daily Pivot Point R3 7152.03

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP