- BTC finds resistance at $40,000 again.
- Closest support at $36,500.
- Next target at $42,000
Today’s Bitcoin price prediction is bullish as the market rejects further downside around the $36,500 support. Therefore, we expect BTC/USD to move higher over the following days to breach the $42,000 mark.
The overall market trades in the red over the last 24 hours. Bitcoin has decreased by 3.6 percent, while Ethereum slightly more than 6 percent. Cardano (ADA) and Ripple (XRP) are among the worst performers with a loss of 9 percent.
BTC/USD opened at $38,556 after a slightly bearish close yesterday. From there the market moved lower overnight and reached the current local support at $36,500. As long as the support level holds, we expect BTC/USD to move higher over the remaining days.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $36,587 – $40,379, indicating a strong amount of volatility. Trading volume has decreased by 14.6 percent, while the total market cap stands at $692.7 billion.
BTC/USD 4-hour chart – BTC moves lower overnight
On the 4-hour chart, we can see BTC attempting to break below the $36,500 support over the past hours.
The overall market still trades with a bearish price action structure. After peaking below the $59,000 resistance at the beginning of May, the market retraced around 50 percent, until support was found at the $30,000 mark.
From there, the Bitcoin price action rallied to the $42,000 mark, where strong resistance was seen. Earlier this week, BTC/USD moved lower and found support at the $32,000 mark. Since then another slightly lower was established around $40,000 resistance. Therefore, BTC currently trades in an increasingly tighter range.
Once Bitcoin can reach above the $42,000 mark, we expect the market to start pushing higher over the following weeks to reach the previous all-time high. Alternatively, if the $36,500 support breaks, we should see further sideways consolidation over the next days until a base from which to move higher is established once again.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market still holds above the $36,500 support after consolidation over the past few days. As long as the support holds, BTC/USD should see another push higher later today.
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