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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: Bull rally remains strong in the long-term according to technicals

Bitcoin price has been extremely volatile in the past week. MicroStrategy has continued to accumulate even more BTC despite the fall in prices. Bitcoin's rally remains strong as the digital asset continues to defend critical support level. 

More Bitcoin News

Ripple needs to crack critical 21-DMA for a rally towards $0.60

XRP/USD in search of a fresh direction while ranging between 21 and 50-DMAs. The No. 7 coin forms higher highs on the 1D chart, suggesting a potential upside break. RSI trades flat at the midline, the bulls need to crack only this one barrier at $0.4905.

More Ripple News

Cardano: Rejection at 100-HMA calls for a test of the $1 mark

Cardano (ADA/USD) extends Friday’s sell-off, as the bearish momentum picks up pace on Saturday, with deeper losses likely on the cards. The fourth most widely traded crypt currency has lost 19% of its value over the past seven trading sessions.

More Cardano News

Ethereum: Primed for swift recovery as the network prepares for a major update in July

Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP