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Bitcoin price prediction: Bitcoin retests $61,000, prepares for further downside

Bitcoin Price Analysis

TL;DR Breakdown

  • BTC makes another attempt to move higher.
  • Resistance at $61,000 still holds
  • Next support at $59,200.

Today’s Bitcoin price prediction is bearish as further upside has been rejected once again around $61,000. Therefore, we expect BTC/USD to move back below the $60,000 mark and retest the $59,200 mark.

Bitcoin price prediction: Bitcoin retests $61,000, prepares for further downside 1

Cryptocurrency heat map. Source: Coin360

The overall market has traded in the red for the last 24 hours. Market leader Bitcoin has remained flat as it rejected further upside earlier today. Most major altcoins show a loss of 2-5 percent. Best performance is seen for Ripple (XRP), which is up 10 percent.

Bitcoin price prediction: Bitcoin retests $61,000, prepares for further downside

BTC/USD opened at $59,839 after testing both the $61,000 resistance and $59,200 minor support level yesterday. Overnight, BTC/USD attempted to move higher again. However, strong selling pressure resulted in a rejection for further upside just below the $2,200 resistance.   

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $59,589 – $61,368, indicating a decent amount of volatility. The total trading volume has increased by 22.64 percent, totaling $54.8 billion. Meanwhile, The total market cap stands at $1.14 billion.

BTC/USD 4-hour chart – BTC makes another failed attempt to move higher 

On the 4-hour chart, we can see Bitcoin price action forming a rejection pin bar for the past hours, indicating that further downside will be seen later today.

Bitcoin price prediction: Bitcoin retests $61,000, prepares for further downside

BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin continues trading in a bullish market structure as both major higher high and low was set in March. However, after moving higher to attempt to set another higher high at the end of March, the market momentum saw a slowdown, with consolidation formed below the $60,000 mark. 

During the first days of April, BTC/USD retraced and set another higher low, around $55,500. From there, the Bitcoin price action pushed higher and eventually breached the $60,000 resistance. After a quick spike lower to $58,500, the market started consolidating around $60,000. 

Yesterday we saw Bitcoin attempt to move higher again with a failure as bears quickly pushed the market back towards local support at $59,200. After some further consolidation, BTC/USD moved higher overnight, leading to another attempt to break above the $61,000 level. As of now, the market rejected further upside again. Therefore, we expect another move lower later today.

BTC/USD will likely found support at the $59,200 mark first. Although, considering how the market previously reacted to several failed attempts to break higher at the beginning of April, we could see a quick spike towards $58,000 support. From there, BTC/USD will have a much better base from which to attempt to break the previous all-time high resistance of $62,000 finally.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bearish as BTC/USD failed to move higher earlier and currently looks to set a bearish rejection pin bar candle. Therefore, we should see Bitcoin push lower later today, with the first support likely seen at $59,200.

While waiting for further Bitcoin price action, see our guides on how to mine Bitcoin and how does Bitcoin mining works. Additionally, see our long-term Bitcoin price prediction.

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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