- Bitcoin price opened the daily chart with a downtrend from $57,996 to $56,990.
- A bullish trendline has formed with support near $56,533 on the 4-hour chart.
- If BTC failed to clear key resistance at $58,000, remain prepared for a lower correction.
Bitcoin Price Prediction: General price overview
Bitcoin Price retested the $58,000 price level in the late trading hours of yesterday’s daily chart. The coin achieved $58,137 before correcting lower near the $56,685 support level.
The digital currency is now trading nicely above $56K and the 100-hourly SMA. The bulls are in control of the price, and the market is anticipating a positive acceleration above $58,000. The 14-day RSI is trending at 41, and breaking below 30 translates to the end of any further downtrends. But it turns out the RSI operating below 50 is a negative sign indicating a market congested with selling pressure. The bulls are, however, betting on the stochastic oscillator, which is signaling a bullish pattern.
Meanwhile, Bitcoin opened the daily chart with a downtrend from $57,996 to $56,990.The coin attempted to consolidate a recovery above $57,500 support but was rejected at $57,590. Therefore resulting in another bottom with support near $56,970.
During press time, Bitcoin is trading at $56,796. It is facing multiple resistance at $57,000 and $57,200. If the coin manages to close above the $57,200 and build support near $57,500, the digital asset could extend an ascending channel well above $58,000 and the 100-hourly SMA.
On Thursday, Bitcoin broke above resistance at $55,000 and cleared several resistances on the upsides. This gave the coin enough closure to break above the $57,000 and $57,500 price zones and into a monthly high of $58,137. The coin has already corrected lower, but we anticipate an uptrend above $58K before the end of the weekend.
Bitcoin bulls should strive to sustain the price and consolidate momentum so as to clear the $58,000 resistance. The downswing on the 4-hour chart is a danger zone and might result in lower price corrections. Note, Bitcoin’s first major support is at $56,200, near the 50% Fibonacci retracement level of the upward price correction to $58,137 high from $54,138 low. The bulls should also defend the $55,000 support and prevent any corrections that would spark a long-term downtrend.
Bitcoin price movement in the past 24 hours
The daily chart opened at $57,912 and formed a descending channel that bottomed at $56,548. Bitcoin is trying to recover from the sharp losses and correct the above resistances at $56,600 and $56,800.
However, the coin has formed a major bullish trendline with support near $56,520. This trendline lies near the 50% Fibonacci retracement level of the upward price correction to $57,367 high from $53,367 low.
Bitcoin is facing increased seller pressure around $58,000; if the bulls manage to beat this target, the market should remain hopeful of a new increase above $60K. Further consolidation will be at the $62,200 level and prepare the bulls for an All-Time High.
Bitcoin 4 hour chart
A bullish trendline has formed with support near $56,533 on the 4-hour chart. The trendline is already clearing resistance within $56,700 and seems to be heading for $56,900. Above this level, we can expect a new break out above $57,000.
Bitcoin Price Prediction: Conclusion
If BTC failed to clear key resistance levels at $57,000 and $58,000, remain prepared for a lower correction. However, if the bulls remain intact, the digital asset will find its way into a full recovery above $58,000 and a bullish trendline to beat another ATH.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.