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Bitcoin Price Outlook – Bitcoin Plunges to Test Support on Monday

By:
Christopher Lewis
Published: Apr 7, 2025, 13:07 GMT+00:00

The Bitcoin market continues to see a lot of massive support near the $75,000 level on Monday, as we plunged toward that area, and it now looks like we are trying to recover from it. Remember though, it is unlikely to be very bullish until the rest of the markets settle down.

In this article:

Bitcoin Technical Analysis

Bitcoin has plunged overnight, but it does look like it’s turning right back around, and it does look like the $75,000 level, at least at the moment, is still offering support. With that being said, the market is likely to continue to be very noisy and it’s also likely to be a situation where we won’t really see much of a bounce until the risk appetite comes back into play. Bitcoin was the first to fall, and it could be the first to turn things around, we don’t know yet.

And right now, risk appetite is going to be a very fickle and dangerous thing. If we can rally from here though, I do think you have a real shot, and Bitcoin is trying to recover and go toward the $85,000 level, where the 200-day EMA currently resides. If that does end up being the case, then it could make a nice short-term play.

Longer-term players are watching the $75,000 level with interest, not only due to the fact that the $75,000 level had previously been a barrier, but of course, it is also a large round psychologically significant figure that people will, of course, watch due to that and options trade. So, at this point, we may be getting ready to bounce again. Longer term though, I think at best, we’re still going to hang out in the same consolidation area that we have been in for a little while now.

For a look at all of today’s economic events, check out our economic calendar.

 

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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