- BTC found support at $30,000 yesterday.
- $42,000 resistance tested yesterday.
- BTC/USD moved sideways earlier today.
Today’s Bitcoin price prediction is bullish as the market currently consolidates and prepares a base from which to push higher over the remaining week.
The crypto market trades in the red over the last 24 hours. Bitcoin has managed to regain some of the losses seen earlier and trades with a small loss of 1.8 percent. Meanwhile, Ethereum trades with a loss of 8.9 percent, with the rest of the altcoin market posting similar results.
BTC/USD opened at $36,735 after a very bearish close yesterday resulted in a strong lower low set at the $30,000 mark. Right now the Bitcoin price looks to regain some of the loss as it builds a base from which to move higher.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $30,681 – $40,738, indicating a good amount of volatility. Trading volume has increased by 87.65 percent and totals $131 billion over the last 24 hours. The total market cap stands at $752 billion, resulting in market dominance of 43.31 percent.
BTC/USD 4-hour chart – BTC tests $42,000, moves sideways for now
On the 4-hour chart, we can see BTC/USD testing the $42 support turned resistance for the first time with a rejection for further upside.
The overall market trades with a bearish momentum over the past week. After setting a new all-time high at $65,000, the market retraced 25 percent. From there, some recovery was seen as BTC/USD established resistance around the $59,000 mark. After several attempts to move higher, bears regained control and pushed the market 50 percent lower to the $30,000 support.
Therefore, the Bitcoin price has likely exhausted its bearish momentum, and further downside is unlikely. Yesterday, we saw BTC/USD move to $42,000 and quickly reject further upside. Over the past hours, the market moved sideways as another base from which to move higher is set.
The current BTC/USD price action should lead higher over the remainder of the week. Once the $42,000 resistance breaks, we expect further push higher to the $47,000 resistance. From there, the Bitcoin price action will likely attempt to set a higher low and try to reverse back to the upside over the next weeks.
Currently, the best option is to wait for further Bitcoin price action development and a break above the $42,000 local resistance. If BTC fails to move above the $42,000 mark, we could see another push lower over the following days.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market moves sideways for the past hours, preparing a base from which to move higher over the next 24 hours. Once resistance at $42,000 breaks, we should see a lot more upside in the following days.
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