- Bitcoin price refuses to be held back by the worst crash since the ‘crypto bubble burst;’ bulls have eyes on $7,000.
- BTC/USD must reclaim the support at $6,400 to give way for the anticipated rally to $10,000 ahead of the mining reward halving in May.
Bitcoin price crash in March could very well be the worst since the ‘crypto bubble burst” when Bitcoin retreated from all-time highs around $20,000. BTC/USD, however, has been in an upward trajectory from the lows traded in March around $3,864. There have been a couple of attempts to break above $7,000 but both of these times, BTC/USD has dropped to test the support at $6,000.
Bitcoin price in the last two days pulled above $6,400. Unfortunately, the momentum failed to sustain the gains past $6,525. Intriguingly, the price made a monthly close above $6,400 setting the stage for Bitcoin’s rally to highs above $10,000 ahead of the May 2020 halving event.
Meanwhile, BTC/USD is trading at $6,320 following a 1.6% loss on the day. Despite the bearish intraday correction, the trend is still bullish and the volatility high. Return to levels above $6,400 could pave the way for a rally past $6,500 while targeting $7,000.
Bitcoin confluence support and resistance
Support one: $6,278 – Highlighted by the previous low 4-hour and the SMA five one-day.
Support two: $59,50 – Home to the Bollinger Band one-day middle curve and the BB 4-hour lower curve.
Support three: $$5,687 – Highlighted by the previous week low.
Resistance one: $6,475 – The zone converges the Fibo 61.8% one-day, BB 1-hour middle curve, SMA 15-mins and the SMA five 4-hour.
Resistance two: $6,541 – Where the pivot point one-day resistance one, previous high one-day and the BB 1-hour upper curve meet.
Resistance three: $6,934 – Highlighted by the pivot point resistance one.
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
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.