- The $51,500 level supports BTC.
- The next resistance is at $57,000.
- The next big goal is 59,500.
Today’s forecast for the bitcoin price is bullish, as a bearish trend was rejected earlier today. The current price action of bitcoin seems to indicate that it will make another lower high around $55,500. Given the magnitude of the recent decline, we should not count on a further decline. Therefore, we should see another small correction today before bitcoin heads back to its next target of $59,000.
Heatmap for crypto-currencies. Source : coin360
The overall cryptocurrency market shows mixed results, with bitcoin losing 1%, while Ethereu shows a gain of almost 8%. Similar mixed results are observed for the higher elevation areas: Uniswap is up nearly 15%, Litecoin is up 5%, Ripple is up 4% and Vechain is up 6%.
BTC/USD opened at $53.795 after bearish momentum pulled the market away from previous resistance at $57.000 yesterday. Earlier in the day, a quick jump to a retest of the $51,500 level was answered by equally strong buying pressure, leading to a further rise to $55,500. Therefore, we expect bitcoin to rise over the next 24 hours and eventually break through resistance at $57,000.
Bitcoin price movements in the last 24 hours
The BTC/USD price fluctuated in a range of $52,712 to $56,327, indicating moderate volatility. Trading volume increased 8.5% to $64 billion. Meanwhile, the total market capitalization is $1 trillion, representing a market dominance of 49.98%.
Chart 4 hoursBTC/USD – BTC gives up further declines and returns toresistance at $55,500.
On the 4 hour chart, we can see a quick rebound of BTC below today. The market is currently trying to move higher to eventually break through resistance at $57,000.
4 hour chart BTC/USD. Source: TradingView
Overall, bitcoin has seen a return to bearish momentum in recent weeks after setting a new all-time high at $65,000. From there, several lows and highs were made until a quick push to $51,500 support on the 18th. April brought a total correction of 20%.
From there, the bitcoin price recovered a bit from its losses to reach resistance at $57,000. During the following days, the market moved sideways and established a consolidation range around $54,000-$57,000.
Tonight, BTC/USD made another move lower and broke support at $54,000. The next support at $51,500 was quickly reached and further downward movement was rejected when the market was immediately caught by the bulls and pushed back to $54,000.
BTC/USD is currently trading around the middle of the previously mentioned $54,000-$57,000 consolidation range. Since bitcoin has yet to reach an all-time high, the current price momentum is technically bearish. However, given the speed with which another bearish trend was dismissed today, we can expect more bullish momentum later this week.
After bitcoin set a higher high above resistance at $57,000, we expect further upside towards the next resistance at $59,500. From here, BTC/USD is likely to pull back and form a significant upper low, from where the full multi-month uptrend is likely to continue in the coming weeks.
Bitcoin Price Forecast: Supplement
The price outlook for bitcoin is bullish, as an attempt to drop below the $51,500 support level was met with a quick return to the uptrend. As a result, we expect bitcoin to rise later this week and eventually break through resistance at $57,000, after which the next target could be seen at $59,500.
In anticipation of the changing price of bitcoin, check out our guide on bitcoin mining software and bitcoin mining. Also read the article Comparison between Bitcoin and Bitcoin Cash.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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