Bitcoin (BTC/USD): critical support placed at $6281

Bitcoin (BTC/USD): critical support placed at $6281

The bearish pressure remains in the Bitcoin, although during the April 5 session we did not see major changes in the price structure. The 200-hour moving average is still validated as a strong dynamic resistance across the board and we still do not see an invalidation of the bullish divergence formed in the MACD indicator.

The latest news about crypto space comes from the United States and Mexico. The governor of Arizona signed a decree that allows corporations to use blockchain-based platforms to legally store information. In addition, the Mexican government announced that there is an ongoing project based on blockchain to reduce corruption in the awarding of government contracts.

The price action remains weak, although there are slight attempts to resume the bullish bias because the Parabolic SAR is showing some bullish signals. It is important to note that the 50-hour moving average is coinciding with the 200-hour moving average, which is a strong resistance at the psychological level of 7,000.

What do we expect?

According to our forecasts in the short-term, the BTC could enter a consolidation phase that could last several more days. In case of breaking the support level of 6281, the cryptocurrency could strengthen the bearish bias towards the level of 5475, which puts the focus at the psychological level of 5000. If we see a rebound in current levels, Bitcoin would seek to resume the bullish trend towards the resistance level of 7586. However, there would still need more signs to confirm a change in the current trend.

BTCUSDH1.png

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