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Bitcoin price prediction: Bitcoin retests $60,000 after consolidating yesterday

Bitcoin price prediction Bitcoin retests after consolidating yesterday

TL;DR Breakdown

  • BTC still holds below the $60,000 resistance.
  • Support was established at $58,000.
  • Next target $62,000.

Today’s Bitcoin price prediction is bullish as the market retested previous support at $58,000 and spiked higher towards $60,000. Therefore, we are likely to see BTC/USD break the resistance over the next 24 hours.

Bitcoin price prediction: Bitcoin retests $60,000 after consolidating yesterday 1

Cryptocurrency heat map. Source: Coin360

The overall market is in the green today. Market leaders – Bitcoin and Ethereum are up by 1.76 and 2.64 percent over the last 24 hours. From the major altcoins, the best performance is seen for Binance Coin (BNB) and Stellar (XLM), which are up by more than 10 percent. Yesterday`s best performer, Filecoin, has finally retraced and currently is down almost 6 percent.

Bitcoin price prediction: Bitcoin retests $60,000 after consolidating yesterday

BTC/USD opened at $58,726 after consolidating yesterday around $58,500. After another retest of the $58,000 support overnight, BTC/USD moved higher in the morning and attempted to break through the $60,000 mark. Some rejection for further upside is seen right now, indicating that we will see BTC retracing over the next hours before moving above $60,000.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $58,505 – $60,267, with volatility picking up over the past hours. Trading volume has dropped by 9.71 percent and totals $60.2 billion. The total market cap stands at $1.12 trillion, resulting in a BTC market dominance of 57.82 percent.

BTC/USD 4-hour chart – BTC spiked towards $60,000 again, resistance still holds

On the 4-hour chart, we can see BTC/USD attempting to break the $60,000 resistance again. Right now, the market has slightly pulled back as it likely prepares for another push higher later today.

Bitcoin price prediction: Bitcoin retests $60,000 after consolidating yesterday

BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin has regained its bullish momentum over the past week. After losing 18 percent from the all-time high of $61,788 to the low of $50,983, BTC saw rejection for further downside on the 25th of March. After consolidating around $52,000 for a day, the bearish Bitcoin price momentum was broken as the market returned above $54,000 previous major support.

From there, bullish Bitcoin price momentum took over, and BTC/USD saw several higher highs and lows being set over the following days until the $60,000 major resistance was reached. 

Yesterday, BTC spent most of the day consolidating around $59,000, with a retest of $58,000 support being made overnight. Earlier today, BTC made another attempt to push above the $60,000 mark, where bears quickly pushed the market lower. This price action likely means that we should see another small retracement over the upcoming hours. From there, BTC/USD should push higher once again and finally, break above the $60,000 mark.

Once the $60,000 resistance is broken, BTC/USD has no more resistance levels ahead until the previous all-time high of $61,788. Together with the psychologically important round number price level of $62,000, it should offer a good amount of resistance. However, once this final resistance level is broken, BTC should see rapid growth further, as we saw during the first half of March. 

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish since BTC/USD has retested the $58,000 support with clear rejection and has set a slightly higher high at the $60,000 resistance. Therefore, we should see Bitcoin move higher over the next 24 hours as it attempts to break the previous all-time high at $61,800. 

While waiting for Bitcoin to break the $60,000 resistance, read our Bitcoin halving guide as well as tax reporting. Additionally, see our long-term price prediction for Bitcoin.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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