Bitcoin (BTC) Price Analysis for April 5 wafact

Buyers could not hold the initiative until the end of the day, and most of the coins are in the red zone.

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The rate of Bitcoin (BTC) has declined by 0.23% over the last 24 hours.

BTC/USD chart by TradingView

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.

BTC/USD chart by TradingView

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.

BTC/USD chart by TradingView

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.

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