TL;DR Breakdown
- Bitcoin price is forming an uptrend that could thrash several resistances towards the present ATH.
- The coin formed a descending channel bottomed at $55,210 and saw a sharp uptrend to its current price.
- The upcoming sessions might have Bitcoin accelerate towards $57,000 and above $58,000.
Bitcoin Price Prediction: General price overview
BTC/USD is now trading at $56,131. The coin has support near $55,847. For the third day after breaking out of the $50,000 psychological resistance, Bitcoin is forming an uptrend that could thrash several resistances towards the present ATH. The current upswing marks the leading coin’s 6th consecutive bullish month. This only happened back in 2013, when Bitcoin was first gaining mass audience acclaim.
Also, note yesterday’s Bitcoin’s bullish pattern marked a sixth day of gaining. If the bulls sustain this price, there are high chances of BTC trading above $57,500 against the US dollar.
The Bitcoin price opened the daily chart at $55,676 and began an upward trend to $56,407 before forming a descending triangle on the 4-hour chart.The descending channel bottomed at $55,210 and saw a sharp uptrend to its current price.
Since February, the Moving Average Convergence Divergence indicator (or MACD) bull cross has reappeared on the weekly chart.The indicator is believed to have contributed to the last bull run that saw bitcoin soar to an all-time high.
Analysts derive the MACD Bull Cross by evaluating the difference between Bicoin’s 26 and 12 day period exponential movement. The analysts then translate the appearance of a crossover as a positive bullish signal. Bitcoin’s current MACD Bull cross indicates bitcoin could surge above $65,000.
Nonetheless, Bitcoin is steadily trading near the $55,000 resistance. Its current price shows positive signs of climbing above the 100 hourly simple moving average. On the upsides, a bullish trendline was able to push the price above the $57K resistance on yesterday’s chart.The bulls are targeting to challenge the $58,000 price level on the daily chart.
Yesterday’s trendline formed support below the 23.6% Fibonacci extension level of the upward price correction to a swing high of $57,367 from a swing low of $53,002.
Bitcoin price movement in the past 24 hours
Bitcoin has formed a trendline near the 50% Fibonacci extension level of the upward wave from $53,002 low to $57,367 high. The bears are creating a near-term price hurdle around $56,500, but the bulls have remained intact and could crush the $56,900 resistance anytime. The bulls hope to overcome the bearish trendline near $57,500 and start an upward momentum to $58,000.
BTC/USD trading pair is testing support at $55,500 and trading above the 100 hourly simple moving. On the downsides, the next primary support is $52,150.
Bitcoin Price 4 hour chart
BTC/USD has formed a major ascending channel with support near $55,150 on the 4-hour chart. The bulls are hoping to clear two resistance levels at $55,800, $56,000, and 56,500. After a successful breakout, the coin will now challenge the $57,000 and $57,500, which are the main price hurdles preventing Bitcoin from setting ATH above $60,000.
Bitcoin price prediction
The upcoming sessions might have Bitcoin accelerate towards $57,000 and above $58,000. On the 4-hour chart, there is a major bullish formation with support at $55,000. Most likely, the price of bitcoin will not revisit price levels below this support. In the event of a downswing below $55,150, Bitcoin might break further below $54,000.
Conclusion
Bitcoin is presently trading within a bull market. The upcoming distribution of funds through the stimulus package increases the risk of hyperinflation and bitcoiners believe BTC is the best way to remain inflation-proof.
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