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Bitcoin (BTC) Price Analysis for April 7

Price Analysis
Thu, 04/07/2022 - 15:33
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Denys Serhiichuk
How great are Bitcoin's (BTC) chances to come back above $44,000?
Bitcoin (BTC) Price Analysis for April 7
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bitcoin (BTC) keeps going down, falling by 1% since yesterday. According to Coinpaprika, the current price is $43,718.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) could not come back to the bullish zone, going down the second day in a row.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the local time frame, Bitcoin (BTC) has made a false breakout of the resistance at $43,855 against the high selling trading volume. At the moment, the price is located near its low level at $43,100. If the bears' pressure continues, one may expect its breakout and further dump to $43,000 soon.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) has almost touched the blue support level at $42,591. The selling volume is going up, which means that bears might keep the pressure. In this case, if the daily candle fixes below the aforementioned mark, there is a chance to see a sharp drop to the zone around $42,500-$42,000 by mid-April.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) could not keep the growth after a breakout of the $44,766 level. Currently, the price is trading below it, which means that bears again control the initiative in the long-term case.

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BTC, ADA, BNB, LUNA and SOL Price Analysis for April 5

All in all, one can expect the sideways trading in a wide range between $40,000 and $44,000 within the next few weeks.

Bitcoin is trading at $43,185 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.