Bitcoin (BTCUSD) Price Remains above the Supply Mark

Bitcoin (BTCUSD) Price Forecast: April 12
The BTCUSD price remains above the supply mark at the moment. The crypto is trying hard not to fall by resisting sellers, in case the bulls’ pressure breaks up the resistance level of $73679, the coin price may increase further to a $76000.00 high trend line which will be a turnaround for the coin holders.

Key Levels:
Resistance Levels: $69000.00 $70000.00, $71000.00
Support Levels: $20000.00, $19000.00, $18000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD price remains bullish above the supply mark on the higher time frames. This is clear as we can see the prices trading above the moving average lines indicating an uptrend.

However, the previous action at the $71150 high level during yesterday’s session has sustained the coin price to remain above the trend line in recent times.

The coin price finds reliable resistance at around the $71287 level above the EMA-50, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction.

Similarly, the Bitcoin price may likely continue to remain above the supply mark as indicated by the daily stochastic which is pointing in an upward direction. This means that the selling pressure has ended; we can therefore expect the upcoming bullish correction phase to reach a high at the $76000 value soon in its higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)
The medium-term time frame market shows the price of Bitcoin remains above the supply mark. The price of BTCUSD can now be seen progressing upward above the moving averages. This shows that buyers are currently gaining more strength in the market.

In the previous session, the coin price was able to reach a $70075 price above the supply level which makes it easier for the coin to remain above the supply mark this time.

The momentum remains in an uptrend despite the push from the short traders, the bulls made a touch at the $70277 high mark above the EMA-50 as the 4-hourly chart resumes today. This trend pattern proves the impact of bullishness on crypto.

In addition, the momentum indicator shows that the price of BTCUSD will still bounce up, so we expect the price distribution to reach the $76000 supply level and beyond in the coming days in its medium-term outlook.

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