Bitcoin Price Prediction as BTC Spikes Up 1.4% on the Weekend – Bullish Week Incoming?

Forex
April 28, 2024
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Bitcoin Price Prediction

Bitcoin’s recent 1.4% spike in value this weekend has stirred interest among investors, prompting discussions around Bitcoin price prediction for the coming week.

Currently trading at $63,559, Bitcoin demonstrates robust market activity with a trading volume of $17.73 billion and maintains its dominant position with a market cap of approximately $1.25 trillion.

Bitcoin Price Prediction

Today’s Bitcoin (BTC/USD) pivot point stands at $64,075, serving as a key level for traders to watch. Bitcoin faces immediate resistance at $65,092. Should the momentum continue upward, the next resistance levels to monitor are $66,745 and $67,887.

On the downside, Bitcoin finds immediate support at $62,754. Further declines could see it testing support levels at $61,782 and $60,780, respectively.

The Relative Strength Index (RSI) is currently at 43, indicating that Bitcoin is neither overbought nor oversold at this stage. This neutral position may suggest a lack of strong momentum in either direction for the market.

The 50-Day Exponential Moving Average (EMA) is currently positioned at $64,355. This metric is crucial as it hovers near the pivot point, indicating that the market could be at a critical juncture.

Bitcoin Price Prediction – Source: Tradingview

On a 4-hour chart timeframe, Bitcoin has recently broken below the descending triangle pattern, which had been providing support around $64,000.

This technical breach suggests potential for further declines. If downward momentum continues, Bitcoin could potentially fall towards the $61,750 level, and possibly extend losses to $60,750.

Conclusion

The technical outlook for Bitcoin is currently bearish below the $64,075 level. A decisive break below this pivot could pave the way for further declines towards the immediate support levels.

Conversely, a movement above this critical point could instill a more bullish sentiment in the market, potentially leading to a test of upper resistance levels.

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