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Bitcoin price prediction: Bitcoin to consolidate after retesting $62,000 support

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC finds support at $62,000.
  • Next support at $61,000.
  • Local resistance at $63,500.

Today’s Bitcoin price prediction is bullish as the market has retraced 5 percent and rejected further downside around $62,000. Therefore, we expect BTC/USD to consolidate today as it prepares to make another push higher later this week.

Bitcoin price prediction: Bitcoin to consolidate after retesting $62,000 support 1

Cryptocurrency heat map. Source: Coin360

The overall market has traded with mixed results. The market leader, Bitcoin, has lost 2.6 percent, while Ethereum has gained 3.3 percent. BNB, ADA, XRP, XLM trade with a 5-7 percent loss, while VET and LINK are among the best performers from the major altcoins, with a gain of 14 and 9 percent, respectively.

Bitcoin price prediction: Bitcoin to consolidate after retesting $62,000 support 

BTC/USD opened at $62,971 after a new all-time high was set just below $65,000 yesterday, and a retracement of around 5 percent was made over the following hours. Overnight, the Bitcoin price action moved slightly higher and reached a minor resistance level of $63,500. Until this level is broken, we expect BTC to consolidate as it prepares for another push higher later this week.  

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $61,554 – $64,863, indicating a good amount of volatility. Trading volume has remained practically unchanged and still totals $74.8 billion. The total market cap stands at $1.18 trillion, meaning a market dominance of 52.86 percent.

BTC/USD 4-hour chart – BTC rejects further downside below $62,000

On the 4-hour chart, BTC shows rejection for further downside as soon as the previous major resistance around $62,000 was retested as support. 

Bitcoin price prediction: Bitcoin to consolidate after retesting $62,000 support

BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin continues gaining ground as a new all-time high was set just below the $65,000 price mark. Over the past days, BTC/USD has increased by 17 percent from the last major swing low of $55,500.

From this point, resistance around $61,000 prevented the market from moving higher for several days. However, on Tuesday, a sharp spike higher broke through both the $61,000 and $62,000 resistance levels. Highly bullish Bitcoin price action momentum slowed down around $63,500, indicating some resistance around the area.

Early yesterday, another small spike higher was set as the market peaked just below the $65,000. Over the following hours, BTC/USD started to retrace rapidly as it dropped by 5 percent until support was found around the $62,000 previous resistance. Further downside was rejected, and a new higher low was established at $61,277.

Overnight, BTC/USD started slowly pushing higher again until local resistance around $63,500 was reached. Right now, Bitcoin respects this price mark, meaning that we will likely see consolidation around this resistance and the $62,000 support over the following hours.

If Bitcoin breaks above the $63,500 resistance, we can expect further upside, with the $65,000 current all-time high resistance being the level to watch. If Bitcoin price momentum can continue moving higher, we should reach the major price target at $70,000 over the next few days.

As mentioned in our previous Bitcoin price prediction, the $62,000 previous major resistance was retested as support late yesterday.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish; however, we expect the market to consolidate later today around the $62,000 – $63,500 price range. When the $63,500 local resistance is broken, we expect another push higher as bulls attempt to push the Bitcoin price to even further highs.

While waiting for Bitcoin to move higher, read our Bitcoin mining guide and mining software overview. Additionally, read our long-term Bitcoin price prediction for 2021 and beyond.

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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