Bitcoin Price Prediction: BTC Trapped in Consolidation, Set for 5% Plunge
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Bitcoin Price Prediction: BTC Trapped in Consolidation, Set for 5% Plunge

written by John Murphy | April 9, 2023

Bitcoin Price Prediction: Following a bullish surge in the first half of March, Bitcoin’s price has been moving horizontally due to growing ambiguity in the cryptocurrency market.

According to Prediction, the price has remained in a tight range between $28,800 and $26,500 over the past three weeks. However, there may still be potential for a long position in BTC despite the lackluster market sentiment.

Key Takeaways:

  • Bitcoin’s price has been consolidating between $28,800 and $26,500 due to market ambiguity.
  • Consolidation is necessary after a price surge to restore buying pressure and extend recovery.
  • A break above $28,800 could indicate an uptrend, but trading volume suggests a 26.2% decline.
  • BTC has remained above $26,500, indicating buyers are defending this support.
  • BTC is trading at $27,890 and could potentially decline 5% to revisit $26,500.

Rather than interpreting the range of BTC price USD is hanging between $28,800 and $26,500 as a stagnant zone with no trading activity, it could be viewed as a cautious zone where traders may exercise patience.

If the price breaks out from the $28,800 resistance level, it could serve as a strong indicator of a continued uptrend.

However, it’s worth noting that Bitcoin’s intraday trading volume currently stands at $36.2 billion, which suggests a decline of 26.2%.

STCK.PRO shared news of the price drop BTC price reduction that goes down by 5% as the price tapped by the downfall of 5% straight:

Typically, after experiencing a notable price surge, an asset’s value tends to take a brief pause to re-establish bullish momentum and validate its sustainability at the reclaimed price levels. This explains why Bitcoin’s current period of consolidation is necessary for restoring buying pressure and extending price recovery.

Throughout the past three weeks, BTC price history has consistently rebounded from both the $28,800 and $26,500 levels, revealing a high level of trader activity in response to these ranges.

Despite the ongoing market fear, uncertainty, and doubt (FUD) which has contributed to the prolonged consolidation phase, the coin’s value has managed to remain above the $26,500 support, indicating that buyers are actively defending these newly attained levels.

Crypto 411 shared a Twitter post announcing that after the first half of early March there is seen be a massive downfall of a 5% drop in the bitcoin price:

Presently, the BTC price chart is trading at around $27,890 and has shown a recent retreat from the $28,800 resistance range. This reversal tends to establish a renewed bear cycle aligned with the range structure, elevating the chance of a 5% decline that could potentially revisit the $26,500 level.

A look at the technical indicators reveals that the daily RSI slope is currently moving lower, despite the price moving sideways.

This suggests that the bullish momentum may have been depleted, and the ongoing period of consolidation could help to revitalize buying pressure. Additionally, the rising BTC price today’s 20-day EMA slope may provide further support to buyers prior to a potential recovery.

Intraday levels for Bitcoin’s price show that the spot rate is currently at $27,935, with a bullish trend and high volatility. Resistance levels can be found at $28,000 and $32,000, while support levels are located at $25,000 and $23,870.