RATE Group | Bitcoin Price Holds $6.8K Defying Predictions of Testing New Lows
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Bitcoin Price Holds $6.8K Defying Predictions of Testing New Lows

03 Apr Bitcoin Price Holds $6.8K Defying Predictions of Testing New Lows

Posted at 09:29h in Bitcoin News by

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On Thursday, April 2, Bitcoin (BTC) price continued the rally it started in the late evening on Wednesday. 

As reported earlier by Cointelegraph, Bitcoin price briefly consolidated around $6,650 before breaking out to tackle the $6,900 resistance and as predicted in a previous analysis, the price quickly rose to $7,200 before pulling back sharply. 

Crypto market daily price chart

Crypto market daily price chart. Source: Coin360

Analysts are calling for a retest of lower support at $5,800-$5,800 but at the moment traders continue to buy into dips and this is resulting in the price holding $6,800. Given that the price has lately taken to bouncing off the ascending trendline a retest of underlying support at $6,600 and $6,330 seems more likely. 

BTC USDT 4-hour chart

BTC USDT 4-hour chart. Source: TradingView

The volume profile visible range (VPVR) shows a volume gap from $6,540-$6,370 so if Bitcoin fails to hold the $6,600 support the former support at $6,400 is less likely to hold. A surge in sell volume would likely lead to the price…

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