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BTC/USD May Hit $60,000 Support as Price Slumps Below 9-Day MA

InsideBitcoins.com


Bitcoin (BTC) Price Prediction – April 17

After hitting its all-time high above $62,572 on the day, the king coin is seen moving with a bit of downward pressure.

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

Key levels:

Resistance Levels: $65,000, $67,000, $69,000

Support Levels: $56,000, $54,000, $52,000

BTCUSD – Daily Chart

As the market blinks in subtle red for BTC/USD as the first digital asset is seen moving around $60,221 with a loss of 1.96% within 24 hours. According to the daily chart, the number one cryptocurrency hit a brick wall on the approach to $63,000 but immediately dropped under the $62,572 resistance level in a matter of hours.

Would Bitcoin Go Up or Down?

After yesterday’s fall, BTC/USD is facing another decline today as the coin crosses below the 9-day moving average. Meanwhile, any further bearish movement may cause the coin to experience more downfalls. Presently, BTC/USD is seen trading below the $61,000 and $60,500 support levels. However, the price level of $60,000 is still proving that bulls are in charge but bears are now pushing the price back to retest the nearest support level of $58,000.

On the downside, the technical indicator RSI (14) crosses below 60-level to confirm the bearish movement and initial support is near the lower boundary of the channel; if there is a successful break below this barrier, the bears are likely to gain strength by bringing the price to a low of $56,000, $54,000, and $52,000 respectively.

However, an upside break above the daily high of around $62,572 is a must to start a substantial recovery. Meanwhile, the next hurdles may be seen near the resistance levels of $65,000, $67,000, and $69,000.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

According to the 4-hour chart, BTC/USD is currently trading around $60,553 and below the 9-day and 21-day moving averages after falling from $60,627 where the coin touched today. Meanwhile, the 4-hour chart shows that the bullish supply may be coming up slightly as the RSI (14) makes a quick turn to the upside.

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BTCUSD – 4 Hour Chart

However, in as much as the buyers can re-energize the market, they can further push the price back above the moving averages. Therefore, breaking this barrier could allow bulls to retest the resistance level of $62,500 and above. But any further movement below the lower boundary of the channel may reach the support level of $58,500 and below.



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TIL: Modern Monetary Theory (developed by university professors) suggests nations with the ability to produce their fiat currency can issue as much money as they need, and as a result, they have no pressures when it comes to financing. (This is why we need Crypto desperately!)

The Economics of Cryptocurrencies (Routledge International Studies in Money and Banking)

The Economics of Cryptocurrencies (Routledge International Studies in Money and Banking)