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Bitcoin price prediction: Bitcoin breaks $58,000 resistance, retests as a support

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC breaks and retests $58,000 as support.
  • Next resistance at $60,000.
  • BTC/USD prepares to move higher later today.

Today’s Bitcoin price prediction is bullish as the market pushed higher overnight and broke above resistance around $58,000-$58,500. After briefly retesting support, rejection for further downside was seen earlier this morning, indicating that we will see further upside later today.

Bitcoin price prediction: Bitcoin breaks $58,000 resistance, retests as a support 1

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has been bullish over the past 24 hours. Market leader, Bitcoin, saw further upside earlier today and is currently up by almost 3 percent. Ethereum has seen even more gain as it gained 4.62 percent. The major altcoins Ripple (XRP) gained the most as it breached the $0.80 mark and is up by 27 percent. 

Bitcoin price prediction: Bitcoin breaks $58,000 resistance, retests as a support 

BTC/USD opened at $59,134 today after a bullish close yesterday set a higher local high. Over the past hours, $58,000 support was retested with clear rejection for further downside. Therefore, we expect BTC/USD to move higher over the following hours as it looks to break above the $60,000 previous major resistance finally.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $57,694 – $59,891, indicating a moderate amount of volatility for the market. Trading volume has increased by 25 percent and totals $61.35 billion, which means that bulls are prepared to absorb any selling pressure to push the market higher. The total market cap stands at $1.1 trillion, meaning BTC market dominance of 55.47 percent.

BTC/USD 4-hour chart – BTC briefly tests $58,000, moves higher

On the 4-hour chart, we can see an increase in volatility over the past hours as BTC/USD quickly tested $59,500 and reversed to $58,000 with rejection.

Bitcoin price prediction: Bitcoin breaks $58,000 resistance, retests as a support

BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin has seen a slowdown in bullish momentum that pushed the market from $50,500 to $60,000 at the end of March. After moving above the $58,000 price mark, the bullish Bitcoin price action momentum slowed down.

Several slight higher highs and lows were established at first, meaning that bulls were still in control. However, the price action started eventually moving sideways as it bounced between $58,000 support and $60,000 resistance.

On the 2nd of April, Bitcoin attempted to break the $60,000 mark unsuccessfully as bears absorbed any further buying pressure. What followed was a 5 percent rejection below the $58,000 support until the $57,000 support held the market in place.

Over the weekend, the market rallied slightly back above the $58,000 mark and reversed back to the downside to retest the $57,000 support again. A slightly higher low was set, indicating that bulls are slowly regaining control, which resulted in another push higher yesterday.BTC quickly moved to $59.500, setting a higher local high and subsequently reversing overnight to retest the $58,000 as support. 

Therefore, we expect the bullish Bitcoin price momentum to continue later today, with the $60,000 mark likely to be broken finally. Next resistance for BTC is seen much higher – at the $62,000 mark, below which the current all-time high of $61,788 was set on the 13th of March. From there, no further resistance levels are seen, and the Bitcoin price action could start to move higher rapidly, as seen in February.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market has set a higher local high and retested previous resistance around $58,000 as support. Unless the Bitcoin price action breaks below this support later today, we should see an attempt to move towards the $60,000 mark later today.

While waiting for BTC to retest $60,000, read our long-term guide on Bitcoin Cash and EOS. To learn more about Bitcoin, see our Bitcoin Tax guide.

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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