- Resistance at $60,000.
- Support at $57,000.
- Bullish momentum has diminished.
Today’s Bitcoin price prediction is bearish as the price momentum has slowed down below $60,000 and the market moves sideways for the past hours. Therefore, we are likely to see BTC/USD retrace lower today and set another higher low, from which to push higher over the remaining week.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market is in the green today after strong bullish momentum took most of the altcoin towards new local higher highs. Bitcoin has remained relatively flat as it trades around $59,200 and has failed to break through the $60,000 major resistance.
Bitcoin price prediction: Bitcoin continues consolidating below $60,000, reversal to follow?
BTC/USD opened at $58,800 today after a quick retest of both $60,000 resistance and $57,000 support resulted in a consolidation overnight. This indicates that BTC/USD lacks bullish momentum to continue further and we are likely to see the market reverse today.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $57,747 – $59,658, indicating a moderate amount of volatility. Trading volume has increased by 18.89 percent and totals $66.7 billion. Bitcoin’s total market cap has increased to $1.1 trillion, resulting in a market dominance of 58.25 percent.
BTC/USD 4-hour chart – BTC has lost bullish momentum below $60,000
On the 4-hour chart, we can see the price action consolidating around $59,000 overnight. Unless BTC/USD pushes higher above the $60,000, we should see another retracement over the next 24 hours.
BTC/USD 4-hour chart. Source: TradingView
Overall, Bitcoin has seen a good price increase over the past week. After a week-long retracement earlier this month, BTC/USD finally found support around $51,000. From there Bitcoin consolidated for some time and finally pushed higher back above previous major support around $54,000.
From there, Bitcoin made several higher highs and higher lows, until the major resistance at the $60,000 mark was reached. Overnight Bitcoin consolidated below this resistance as further bullish momentum was rejected. Therefore, we should see another retracement later today.
Previous support around the $57,000 mark is the first obvious price level that BTC/USD will move to establish another higher low. From there, we will likely see the Bitcoin price action build another base from which to attempt to break the $60,000. Once the resistance at $60,000 is broken, BTC should see further upside towards the all-time high of $62,000.
If the $57,000 mark is broken, BTC/USD will likely turn bearish once again. This should result in a much larger retracement over the first half of April with first major support at the $54,000 mark.
Therefore, the resistance at $60,000 and support at $57,000 are key levels to watch right now. Once BTC/USD breaks either above or below either of them, we could see a signal for where the price action is headed later this month.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bearish as the previous bullish price action has lost its momentum. Therefore, BTC will likely retrace again later today, as it looks to build a base from which to move higher and attempt to finally break the $60,000 resistance.
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