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Bitcoin price prediction: Bitcoin peaks below $65,000, targets $62,000 in a retracement

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC resisted by $65,000 price level.
  • Next support at $65,000.
  • Some rejection is currently seen around $62.500-$63,000.

Today’s Bitcoin price prediction is bearish as we expect BTC to retrace some of the gains seen over the past days as the market set a new all-time high just below $65,000.

Bitcoin price prediction: Bitcoin peaks below $65,000, targets $62,000 in a retracement 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results as most of the gains seen previously have been retracted over the past hours. Excellent performance is seen for Dogecoin (DOGE), which trades just below $0.13 after a 37 gain. One of the worst performances is seen for Stellar (XLM), which has lost almost 7 percent and trades at $0.61.

Bitcoin price prediction: Bitcoin peaks below $65,000, targets $62,000 in a retracement

Today, BTC/USD opened at $63,588 after a strong rally yesterday took the market from $60,000 to $63,500. Earlier today, BTC/USD pushed even higher until the Bitcoin price action reversed just below the $65,000 mark. Strong retracement has been made over the past hours as the market retraced to $63,000. Therefore, we could see further downside later today as the previous major resistance at $62,000 likely be retested. 

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $62,603 – $64,863, indicating a decent amount of volatility. 24-hour trading volume has increased by 17.23 percent and totals $73.5 billion. The total market cap stands at $1.17 billion, meaning a market dominance of $53.66 percent.

BTC/USD 4-hour chart – BTC spiked lower over the past hours as it looks to retest $62,000

On the 4-hour chart, we can see sharp rejection over the past hours towards the $62,500 mark. Over the next hours, we can expect a pause in bearish price action momentum. However, overnight, BTC/USD could push lower to retest the $62,000 mark as support.

Bitcoin price prediction: Bitcoin peaks below $65,000, targets $62,000 in a retracement
BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin price continues gaining momentum as a new all-time high below $65,000 has been set earlier today. This is a result of several day upswing from the last major low around $55,500, which was set after the market previously failed to move above $60,000 resistance and retraced in an ABC pattern.

Monday, we saw BTC/USD consolidate below $61,000 as the Bitcoin price action built up momentum to move higher. Yesterday, BTC started pushing higher and quickly pushed through the previous all-time high of around $62,000. From there, the bullish momentum continued and, after a slight slowdown around the $63,500 mark, made another small spike higher to 64,783 all-time high.

Currently, the Bitcoin price action looks to retrace some of the gains, with a new low at $62,500 already established. Further support is seen at the previous major resistance at $62,000. If Bitcoin retests this level, a re-entry into the market would mean a relatively good risk/reward potential for the upcoming days. The next target to the upside is set at the $70,000 round number price mark.

Alternatively, if BTC moves back above $64,000, we could see a continuation higher later today. However, without a decent retracement and the following consolidation, this would be a very uncertain move. Therefore, the best option is to wait for further Bitcoin price action development.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bearish for the next 24 hours as a new all-time has been set just below the $65,000 mark, and BTC/USD looks to retrace some of the gains. Therefore, we expect Bitcoin price to consolidate and retrace some more before a much more serious push higher is made later this week.

While waiting for Bitcoin to retrace some more, see our Bitcoin mining guide and overview of Bitcoin mining software. To learn about one of the best performing altcoins right now, see our long-term Polkadot 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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