- BTC finds support at $57,000.
- Closest resistance at $60,000.
- Next resistance at $62,000.
Today’s Bitcoin price prediction is bullish as the market has found support around $57,000 and shows signs of clear rejection for further downside. Therefore, we should see BTC move higher over the following 24 hours and attempt to finally breach the resistance at $60,000.
Cryptocurrency heat map. Source: Coin360
The overall market is in the red over the last 24 hours as strong retracements were seen across the board overnight. Market leader Bitcoin is down by 1.65 percent, while Ethereum trades at $1,803 and is down by 1.62 percent. The best performance is seen for Filecoin (FIL), which is up by more than 21 percent from amongst the major altcoins.
Bitcoin price prediction: Bitcoin retests $57,000, ready to move higher?
BTC/USD opened at $58,768 after bullish momentum over the past two days resulted in a retest of the $60,000 resistance. Currently, BTC/USD has retraced lower and has rejected further downside around the $57,000 support level. This means that we should see BTC/USD reverse back to the upside during the next 24 hours and potentially break the $60,000 resistance and current swing high.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $57,726 – $59,930, indicating a moderate amount of volatility. Trading volume has slightly dropped by 1.85 percent and totals $57.7 billion. The total market cap has returned just above the $1 trillion mark, resulting in a market dominance of $59.22 percent.
BTC/USD 4-hour chart – BTC rejects further downside at $57,000
On the 4-hour chart, we can see the Bitcoin price action rejecting further downside and forming a pin bar rejection candle, which could lead to a reversal back to the upside.
BTC/USD 4-hour chart. Source: TradingView
Overall, Bitcoin has seen a good amount of volatility over the past ten days. After peaking around the $60,000 mark on the 18th of March and retesting again on the 20th, the market eventually reversed. What followed was a several day bearish move that resulted in a loss of around 15 percent until support was found around the $51,000 mark
After some consolidation around $51,000, BTC/USD regained its bullish momentum and moved back above $54,000. Over the following days, the market set higher highs and lows until the $60,000 was finally reached earlier today.
Right now, the Bitcoin price action has made another retracement towards previous resistance turned support. During the past hours, Bitcoin rejected further downside and quickly moved back above $58,000. Therefore, BTC will likely reverse during the next 24 hours and make another attempt to push above the $60,000 mark.
Once the previous resistance at the $60,000 mark is broken, the next resistance is seen around $62,000, where the previous all-time high was set. If the Bitcoin price reaches the $62,000 mark from the current price level, it would mean a gain of around 6.5 percent over a couple of days. Let’s consider the $57,000 level as a reversal point for the current bullish Bitcoin price momentum. The current price level does offer a good potential trade opportunity in terms of risk/reward.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as support at the $57,000 mark was retested, and a further downside was clearly rejected. Therefore, we expect BTC/USD to push higher and attempt to break through the $60,000 mark in the upcoming days.
While waiting for further price action development, see our guide on Litecoin vs Bitcoin. To learn more about one of the most popular altcoins, see our long-term Dogecoin price prediction as well as a guide on mining.
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.