Bitcoin (BTC) Price Analysis for April 5
Buyers could not hold the initiative until the end of the day, and most of the coins are in the red zone.
BTC/USD
The rate of Bitcoin (BTC) has declined by 0.23% over the last 24 hours.
Despite the slight fall, there are good chances to see a continued drop as the rate has broken the local support level at $28,114. In this case, the decline may lead to the test of the $27,600 zone shortly.
Almost nothing has changed on the daily chart from the technical point of view as neither bulls nor bears have seize the initiative. If buyers lose the $27,000 zone, the accumulated energy is supposed to be enough for the breakout of the support at $26,707.
All in all, the rate may get to the $26,000 area until mid-April.
On the weekly time frame, it is too early to make any predictions as the price is trading in the middle of a wide channel. Respectively, ongoing sideways trading in the range of $27,500-$28,500 is the more likely scenario.
Bitcoin is trading at $28,000 at press time.
