Bitcoin price rests above the mid line of the ascending channel near $7500

Bitcoin price rests near the $7500 level after breaking through the resistance above which it currently lies. On the price chart for the 24th of April, the cryptocurrency briefly fell below the $7400 mark. David_Smith is a TradingView analyst who believes that the will fall bearish if it were to lose the current horizontal support.

1-Day Bitcoin Price Analysis (24th April)

Bitcoin Price Chart by TradingView

For the 24th of April, Bitcoin BTC has seemed to hold the support above which it currently lies. The cryptocurrency had briefly fallen below the $7400 mark, where it reached a low of $7395.78 US Dollars, shortly after which the BTCUSD pair recovered its price and returned above the $7500 level. The cryptocurrency closed the day with a trading value of $7509.31 US Dollars. At the time of writing, BTC was observed at $7506.23 US Dollars.

Bitcoin: will it hold the horizontal support?

The crypto analyst mentioned that BTC lies above the midline of the ascending channel that it is currently inside while lying above the horizontal resistance it recently broke through.

Bitcoin Price Chart by TradingView

The analyst pressed on the requirement of a confirmed breakout of the local resistance so that the BTC price main approach the main resistance zone. If the price breaks below the current support, the cryptocurrency will turn bearish. Currently, BTC seems to hold the horizontal support line above which it is placed.

Featured Image by Pete Linforth.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.