- 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.
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