- BTC retraced overnight to the $35,000 mark.
- Resistance at $40,000 broken.
- Next resistance at $42,000.
Today’s Bitcoin price prediction is bullish as the market continues establishing a base from which to make another major push higher. Overnight, a small retracement was set, resulting in a slightly higher high above the $40,000 mark. Therefore, we expect BTC/USD to continue moving to break above the $42,000 resistance over the next 24 hours.
The overall market trades in the green over the last 24 hours. Bitcoin is up by almost 8 percent, while Ethereum by 16 percent. Among the best performers are Cardano (ADA) and Binance Coin (BNB), as they have gained 20 percent.
BTC/USD opened at $38,361 today after a bearish consolidation yesterday. Overnight, the market started to move higher once again, and set a slightly higher high, indicating that bulls are still in control.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $36,581 – $40,782, indicating a moderate amount of volatility. The trading volume over the last 24 hours has decreased by 9.2 percent and totals $55 billion.
BTC/USD 4-hour chart – BTC continues higher
On the 4-hour chart, we can see the Bitcoin price action setting a higher high and approaching the previous major resistance at $42,000.
The overall market has retraced more than 50 percent from the last swing high of $65,000, set at the beginning of April. From there the market started several week retracement, with the major support finally found around $30,000 on the 19th of May.
After spiking to the $30,000 mark, BTC/USD retraced to $42,000 and reversed once again late last week. Several minor lower lows were set until support was found at the $32,000 mark, meaning a higher swing low for the overall several-week market structure.
Therefore, we can expect the Bitcoin price action to build a base from which to reverse next month. The first sign of an upcoming major reversal would be the break of the $42,000 resistance. After that, BTC/USD should see further gains towards new all-time highs.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market continues to push higher over the last hours. The several-day price action indicates that BTC/USD is forming a major reversal base, from which to move higher next month. Therefore, we expect further upside over the remainder of this week, with the first target to break being the $42,000 resistance.
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