BTC/USD Splendidly Reconquers $6,400, $7,000 Is The Bullseye

31 mar 2020

• Bitcoin price recovery above $6,500 could boost fresh gains towards $7,000.
  
• BTC/USD is technically ready to take on the resistance at $6,500 but low trading volume still limits gains.
  

Bitcoin price led recovery across the market on Monday following a remarkable surge above the key $6,000 level. On reclaiming the support at $6,200, the bulls cemented their position on the market, making it easier to reclaim the next broken support at $6,400. Meanwhile, BTC/USD is teetering at $6.451 amid the struggle to clear the short term hurdle at $6,500.

As long as the price stays above the immediate support provided by the 38.2% Fibonacci level of the last swing high to 10,517.57 to a swing low at $3,932.73, Bitcoin could continue to surmount the key resistance at $6.500. The ultimate medium-term goal is to not only test but conquer the stubborn resistance at $7,000.

From a technical perspective, Bitcoin price is back in a bullish phase (above $6,400). The Relative Strength Index (RSI) emphasizes the increasing bullish grip. This indicator has corrected upwards from March 2020 lows at 15 to the current 46.76. A minor dip over the weekend held the ground above 40, sustaining the influence of the bulls over the price.

As far as support areas are concerned, the 38.2% Fibo is the initial support around $6,400. If a reversal ensues, $6,200 will be the next target. Corrections beneath $6,000, would find a balance above $5,800. However, according to the technical picture, Bitcoin price could remain bullish in the coming sessions with a $7,000 being the ultimate target.

Bitcoin Key Levels
Spot rate: $6,468

Relative change: 62.16

Percentage change: 0.89%

Trend: Sideways action could take center stage

Volatility: Low