Bitcoin Price Prediction for Today, April 5: BTC/USD Remains in the $28,500 Range

The Bitcoin price prediction indicates that BTC will continue to move sideways as the king currency fails to cross above the channel.

Data on Bitcoin Prediction Statistics:

Bitcoin is currently worth $28,607 USD.

Bitcoin’s market capitalization is $544.2 billion.

19.3 million bitcoins are currently in circulation.

The total quantity of bitcoin is 19.3 million.

Bitcoin Coinmarketcap is ranked first.

BTC/USD (Daily Chart) Long-term Trend: Bullish

Important levels:

Levels of resistance: $34,000, $36,000, and $38,000

Levels of support: $24,000, $22,000, and $20,000

The Bitcoin price is going to experience an increase in volatility, although there appears to be no space for additional losses after swinging in recent days. BTC/USD is trading at $28,607, which is above the 9-day and 21-day moving averages.

Bitcoin Price Prediction: The Price of BTC May Consolidate Before the Next Move

The Bitcoin price may continue to go sideways as fresh losses occur until there is a shift in the price trend. However, as the Bitcoin price ranges, the coin may rise and cross the channel’s upper boundary. On that point, the technical indicator Relative Strength Index (14) continues to move over the 60-level, which might indicate that the king currency is poised for an upward move.

A sustained move above the channel could enable an extended recovery in the direction of the potential resistance levels at $34,000, $36,000, and $38,000. When viewed from above, recovery may begin to take hold bit by bit as the bulls push the price of Bitcoin above the resistance level of $29,000. On the downside, the supports at $24,000, $22,000, and $20,000 may be reached by any bearish movement below the 9-day and 21-day moving averages.

Medium-term Trend for BTC/USD: Ranging (4 Hour Chart)

The price of Bitcoin is circling around the 9-day and 21-day moving averages when looking at the 4-hour chart. BTC/USD may go near the channel’s top border as the market rebounds from the negative trend. The resistance level of $29,500 and higher might be reached if the price rises above the channel.

Furthermore, if the bearish movement slows down, the price of bitcoin is likely to cross below the channel’s lower boundary and may even touch the $27,500 support level or lower. But the technical indicator Relative Strength Index (14) is still above the 50-point line, indicating sideways movement.

Bitcoin alternatives

Because any movement to the downside could push the price of Bitcoin back to the $27k support level, the price is now regaining ground toward the upper boundary of the channel. On the plus side, the king coin may provide more gains if it moves consistently above the channel. Nevertheless, Love Hate Inu is on track to become the cryptocurrency project that raises the most money the fastest during the presale stage, which is typically a sign of a bullish asset. As a result, the LHINU token has generated about $3.5 million since the beginning of the initial presale, indicating tremendous investor interest.

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