Bitcoin Price Forecast: BTC/USD bulls have a chance that must be taken

Bitcoin price is trading in negative territory, down 2.00% in the second half of the session.
The price action has narrowed over the last three sessions, following a range breakout.
A chunky barrier at the $7000 price mark remains a problem for the bulls.

Ken Chigbo Independent Analyst

BTC/USD daily chart

Trading conditions have tightened again, after a range breakout on 23 March. Another wave of buying pressure will be seen should the bulls edge above again. An opportunity to break out of a bullish pennant.

BTC/USD 60-minute chart

The near-term range-bound nature of BTC via the 60-minute builds the case for an aggressive breakout.

Spot rate: 6618.25

Relative change: -2.00%

High: 6874.74

Low: 6595.39

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

AAVE slips below $186 as bearish signals outweigh the SEC investigation closure

Aave (AAVE) price continues its decline, trading below $186 at the time of writing on Wednesday after a rejection at the key resistance zone. Derivatives positioning and momentum indicators suggest that bearish forces still dominate in the near term.

Hyperliquid stabilizes amid plans to burn assistance fund

Hyperliquid (HYPE) stabilizes above $26 at press time on Wednesday after three straight days of losses. Hyperliquid Foundation has started a validator vote to reduce supply by burning the assistance fund, which holds over 37 million HYPE tokens.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple extend correction as bearish momentum builds

Bitcoin, Ethereum, and Ripple remain under pressure as the broader market continues its corrective phase into midweek. The weak price action of these top three cryptocurrencies by market capitalization suggests a deeper correction.

Ethereum Price Forecast: Active addresses plunge to May levels amid resumption in US selling pressure

Ethereum (ETH) weekly active addresses have plunged sharply in December, declining from 440K to 324K, levels last visited in May. The decline in active addresses has also pushed down the number of transactions on the network to July lows.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

BTC/USD daily chart

BTC/USD 60-minute chart

Legal Text

Markets move fast. We move first.

Editor's Picks