- Bitcoin price explores the levels under $6,000 after failing to break above $7,000 resistance zone or hold above $6,200 support.
- Bitcoin fear grid index is in the extreme fear zone, suggesting that traders and investors remain bearish and anticipating more losses.
Bitcoin price continues to explore the levels towards $5,000 as discussed on Friday. The failure to break above the critical $7,000 level left the bulls discouraged but sellers gained confidence with the reducing trading volume. The fall in the price of Bitcoin is happening at the end of the month, moreover, investors could be anticipating another flash drop in the traditional markets at Monday’s opening.
Meanwhile, BTC/USD is trading at $5,994 following a breakdown beneath the key support at $6,200. The largest cryptocurrency by market capitalization needs to hold above the support at $5,800 (former support zone). However, if sellers push below this zone, Bitcoin price is likely to drop towards $5,700. If push comes to shove and declines extend, $5,350 is the next support target. After this zone, sellers will be eying $4400 and $3,864 respectively.
Bitcoin investors do not feel bullish at all in spite of the halving event being a month away. The fear grid index reads 12 (extreme fear zone), emphasizing that traders are bearish and envision the worst amid the status of the cryptocurrency market. On other the hand, there has been an improvement in sentiments around BTC in the past couple of weeks when the fear grid index fell to 8.
The 4-hour chart shows BTC/USD trading under an ascending trendline. The price is also dancing below the moving averages where the 50 SMA and the 100 SMA will hinder growth at $6,400 and $7,252. The RSI has tested the zone at 30 and is pointing upwards to show that buying pressure is improving gradually (short term analysis). However, the MACD continues to emphasize that the bears are strongly in control.
BTC/USD 4-hour chart
-637211331058715621.png)
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?