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Bitcoin price prediction: Bitcoin retests $61,000, prepares to move higher over the weekend

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC supported by $61,000 previous resistance.
  • Closest resistance at $63,500.
  • Next support at $60,000.

Today’s Bitcoin price prediction is bullish as the market has retested previous resistance around $61,000 as support with some rejection for further downside. Therefore, we expect BTC to reverse later today and move higher over the weekend to push above the current all-time high of around $65.000

Bitcoin price prediction: Bitcoin retests $61,000, prepares to move higher over the weekend 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results today. Bitcoin has lost 2.1 percent over the last 24 hours. Dogecoin is the best performer as it spiked by almost 80 percent towards the $0.25 mark. From the major altcoins, the worst performance is seen for VeChain and Holochain, as they both trade with a 5-6 percent loss.

Bitcoin price prediction: Bitcoin retests $61,000, prepares to move higher over the weekend 

BTC/USD opened at $63,229 after calm yesterday. After BTC moved higher and peaked around $63,500 overnight, another drop was made towards the $61,000 previous resistance, which now acts as support. Unless the $61,000 support is broken, we can expect BTC/USD to push higher over this weekend. 

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $61,278 – $63,821, indicating a moderate amount of volatility. Meanwhile, trading volume for the last 24 hours has dropped by 10 percent and totals $67.3 billion. The total market cap stands at $1.15 trillion, resulting in market dominance of 51.97 percent.

BTC/USD 4-hour chart – BTC spikes to $61,000 support 

On the 4-hour chart, we can see BTC pushing lower over the past hours as it retests the $61,000 support. If the support fails to hold, we should see a quick spike lower to the $60,000 mark.

Bitcoin price prediction: Bitcoin retests $61,000, prepares to move higher over the weekend
BTC/USD 4-hour chart. Source: TradingView

Overall Bitcoin has performed great this month after establishing a higher low around the $55,500 mark on the 7th of April. Over the following days, BTC/USD pushed towards $61,000 where further upside was rejected and a several-day consolidation was established. 

After another failed attempt to move above the $61,000 resistance on the 12th of April, Bitcoin got pushed lower again and established another small consolidation area around $60,000. What followed was a strong push higher the next day as both the $61,000 and $62,000 resistance levels were broken without any hesitation.

On Wednesday, Bitcoin reached the next major price target just below $65,000. Rejection was seen shortly after as the market briefly spiked below $62,000 and almost retested the $61,000 support. After a brief move higher Yesterday, BTC/USD couldn’t move past the $63,500 mark and started moving lower again.

Over the past hours, the Bitcoin price action reached the $61,000 mark and set a slightly lower low, indicating an ABC retracement pattern formed. Therefore, we should see Bitcoin move higher over the next hours as it looks to continue trading along the overall several week bullish momentum and targets the next major price target at $70,000.


Alternatively, if the $61,000 support fails to hold, we could see another spike lower towards the next major support around $60,000. From there, a long position entry would offer a much better risk/reward considering the market could reach at least the previous high at $65,000 on its next upswing.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish for today as the market has reached strong support at the $61,000 mark, which previously acted as a strong resistance. Therefore, until this support is broken, we can expect BTC/USD to reverse later today and begin pushing its way towards a new higher high above $65,000.

While waiting for further Bitcoin price action development, see our guide on how to mine Bitcoin and Bitcoin mining software. Additionally, read our Litecoin vs Bitcoin comparison article to learn more about which cryptocurrency will perform the best.

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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