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Bitcoin price prediction: Bitcoin spikes to $3,200 yesterday, prepares to move above $40,000? 

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC sets a lower low yesterday.
  • Support was found at $32,000.
  • Further downside rejected.

Today’s Bitcoin price prediction is bullish as the market briefly tested the $32,000 with a rejection for further downside. Therefore, BTC/USD likely prepares to move higher over the next 24 hours as bulls look to regain control.

Bitcoin price prediction: Bitcoin spikes to $3,200 yesterday, prepares to move above $40,000?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today as bulls took over momentum overnight. Bitcoin trades with a gain of almost 3 percent, while Ethereum, around 6.25. Stellar (XLM) is among the best performers, with a gain of 16 percent.

BTC/USD opened at $34,758 after a strong bearish close yesterday. Overnight the Bitcoin price pushed higher, indicating further upside will be seen over the next 24 hours.

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $31,227 – $36,700, indicating a good amount of volatility. Trading volume has spiked by 71 percent and totals $85.4 billion. Meanwhile, the total market cap trades around $686 billion, resulting in market dominance of 45.79 percent.

BTC/USD 4-hour chart – BTC fails to move lower

When looking at the 4-hour chart, we can see BTC pushing higher over the past hours after failure to mobe below the $30,000 previous low yesterday.

Bitcoin price prediction: Bitcoin spikes to $3,200 yesterday, prepares to move above $40,000?
BTC/USD 4-hour chart. Source: TradingView

The overall market still trades with strong bearish momentum. After setting a new all-time high at the $65,000 mark on the 14th of April, BTC/USD retraced more than 50 percent until support was found at the $30,000 mark.

Last week we saw a strong rejection for further downside as the market briefly reached the $30,000 mark and quickly moved higher to retest the $42,000 mark as a resistance. From there, another move lower was seen over the past days. Local lower lows and highs were set until the $32,000 mark was quickly reached and rejected yesterday.

Therefore, we expect the Bitcoin price to push higher today as bulls attempt to regain control by setting a higher high. If BTC/USD is unable to set a higher local high, we could see another major push lower below the $30,000 later this week.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market rejected further downside yesterday and set a slightly higher low. Therefore, we expect the market to move higher over the next 24 hours, with the closest major resistance at $42,000.

While waiting for Bitcoin price action to move higher, read our guides on Bitcoin left to mine, how to invest in Bitcoin, and how to buy Bitcoin with a credit card.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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