- Bitcoin price prediction still in the bullish zone as price recovers from $53,000 lows.
- Minor correction on the hourly charts still hasn’t translated into a significant pullback.
- Prominent supports at $51,500 and $54,000 hold well to aid BTC/USD.
Bitcoin has bounced back from the minor correction on the hourly charts that saw the pair print $53,221. The 21-day exponential moving average has been critical in the current price action. The support line on the ascending price channel has also been substantial in helping the pair sustain bullish price levels.
The technical indicators are performing in the bull’s favor, and the real news is also supportive. Famous technical analyst PlanB has predicted a $288,000 price for BTC/USD again, and the market has responded positively to his comments. The altcoins are also performing well, helping create a positive environment for the BTC/USD pair.
The ascending price channel has now climbed back near the upper Bollinger Band. The symmetrical triangle pattern is now maturing, further creating a positive bull run on the hourly charts. The short-term support at $56,300 will hold the key to any downside in the next 24 hours. The two-day losing streak ends as the price is now stabilizing near the $60k zone.
Bitcoin price movement in the last 24 hours: BTC/USD snaps two-day losing streak
In the last 24 hours, the bulls have built volumes and liquidity to turn Bitcoin price prediction positive. The stellar recovery also helped cool down the overbought technical indicators on the daily price charts. The pair posted a low of $53,221 only to recover back to higher levels. In doing so, the pair went up the 21-day EMA and bounced back within the ascending price channel. The RSI and MACD are both showing signs of a renewed bull run.
The BTC/USD pair is currently sustaining above $58,000. In case the bulls close the day above $57,000, the pair will surely recover from touching fresh new highs near the $61,000 level and may even touch $70,000 in the next few days. The upside also depends on weekend volumes, as seen a few days ago. The next target higher would be $61,774 on the hourly charts, provided the weekend liquidity supports the bull run.
However, the downside risks remain alive as long as the pair doesn’t clear $60,000. The BTC/USD sellers will increase pressure on the sloping trend line, which is upward biased. The confluence of supports near $54,600 can break in case the selling pressure mounts. Major BTC whales are lined up near the $51,000 level, and bears will try to push the price lower near these pivot points.
BTC/USD 4-hour chart: Bulls have the upper hand in indecisive price action
The support at $49,880 will hold the fort even if excessive selling intensifies. The bears will revisit the $52,500 over the weekend to create a seller’s market. The sluggish price action can also contribute to the bearish overtones in Bitcoin price prediction. At the time of writing, the BTC/USD pair is trading at $58,200. There are bullish hammer candles on the hourly charts that are approaching the upper Bollinger Bands.
There are resistances on the way to the $60,000 milestone. The 61.8 percent Fibonacci retracement will offer the initial resistance at $59,498, where the bears will attempt another sell rally. The imminent bullish signal comes from MACD, where a crossover has materialized fully towards the upside. It will also promote long positions over the coming days and impact Bitcoin price prediction.
Either way, Bitcoin price prediction is turning bullish. The technical landscape gives out multiple signals where minor corrections in price are treated as budding bull run indicators. The broader crypto market is relatively stable, with most altcoins approaching higher price levels. More technical Bitcoin price prediction reveals that the RSI is also nearing the 58 level with an upside slope.
Bitcoin price prediction conclusion: Losses fail to deter bulls
The bulls are once again gearing up to cross the $60k barrier. There aren’t any immediate threats to the BTC/USD pair. The bullish Bitcoin price prediction is also supported by the stable U.S. Dollar and the treasury yields. The traditional markets are also performing in line with the news. The comments from the U.S. Federal Reserve can charge up the markets in the next 48 hours and may impact Bitcoin price prediciton.
The BTC/USD pair seems to have established a short-term bottom at $53,220 lows. The hourly charts are now filled up with bullish hammer candles. The tailwinds will likely carry Bitcoin price beyond $60,000 before the weekend approaches.
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