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Bitcoin price prediction: Bitcoin rejects $60,000 again, retraces to $57,000

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC is supported by $57,000.
  • Minor resistance at $58,000.
  • Major resistance still at $60,000.

Today’s Bitcoin price prediction is bullish as the market has found support around $57,000 and rejects further downside. If BTC/USD moves above $58,000, we should see another push higher over the following days. 

Bitcoin price prediction: Bitcoin rejects $60,000 again, retraces to $57,000 1

Cryptocurrency heat map. Source: Coin360

The crypto market is in the red today. Market leaders – Bitcoin and Ethereum both are down by more than 2.5 percent. The worst performance is seen by Chainlink (LINK), Litecoin (LTC), and Tezos (XTZ), which are down 5-6 percent. Filecoin (FIL), which saw a strong downside yesterday, has moved counter to the overall market and is up by 7 percent.

Bitcoin price prediction: Bitcoin rejects $60,000 again, retraces to $57,000 

BTC/USD opened at $57,094 today after a strong bearish move overnight pushed the market to retest $57,000 support from the $60,000 resistance

Bitcoin price movement in the last 24 hours

BTC/USD moved in a range of $57,168 – $59,980 after a strong push lower overnight increased the volatility for the past 24 hours. Trading volume has increased by 18 percent and totals $61.2 billion. Market cap stands at $1.09 trillion, meaning a market dominance of 56.77 percent.

BTC/USD 4-hour chart – BTC finds support at $57,000

On the 4-hour chart, BTC/USD has posted a bullish rejection candle earlier this morning after the price briefly dipped below $57,000. If the support at $57,000 continues holding, we should see another attempt to move higher over the next 24 hours, as bulls are waiting for the break of the $60,000 mark.

Bitcoin price prediction: Bitcoin rejects $60,000 again, retraces to $57,000

BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin continues being bullish for the past week. After strong retracement in the middle of March, support was finally found at the $51,000 mark. From there, the Bitcoin price action paused for a day as it prepared for a reversal. On the 26th of March, BTC/USD started rallying and quickly moved back above the $54,000 mark, which previously acted as strong support.

Over the following days, Bitcoin set several higher local highs and lows, resulting in a move towards the $60,000 major resistance level. As soon as BTC/USD approached this level, a decrease in bullish momentum was seen as the market slowed down and eventually started consolidating around $59,000.

After several days of sideways movement, the Bitcoin price broke lower yesterday, resulting in the $57,000 previous support/resistance level being retested. As of now, it holds the market from further downside, with a bullish rejection candle posted earlier today.

Therefore, we expect Bitcoin to move higher over the next hours as it attempts to first move above the $58,000 resistance. Once BTC/USD breaks above it, we should see it quickly rally towards the $60,000, which, if broken, would be a very bullish signal for the upcoming month.

Once the $60,000 mark is broken, we will likely see BTC quickly jump to test the all-time high of $62,000, after which there are no more clear resistance levels ahead, and Bitcoin could freely move much higher over the following days.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market has rejected further downside around $57,000. Therefore, we expect the market to push higher later today and move back above minor resistance around $58,000. From there, we expect another attempt to move above the $60,000 next week. 

While waiting for Bitcoin to push above the $60,000 mark, read our Bitcoin Tax and Halving guides. Additionally, check our latest long-term price prediction of EOS.

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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