- BTC finds support at $51,500.
- Closest resistance at $57,000.
- Next resistance at $59,500.
Today’s Bitcoin price prediction is bullish as a further downside was rejected over the last hours after the price peaked at $51,500. Currently, BTC/USD aims to return above $57,000, which would be a bullish sign, leading to the next resistance target at $59.500 later today.
The overall market has spiked lower overnight, with losses ranging around 10-15 percent. Market leader – Bitcoin has dropped below the $60,000 mark and trades with a 24-hour loss of 9 percent. Ethereum shows similar performance as it also dropped 9 percent, with the rest of the major altcoins following the two majors closely.
Bitcoin price prediction: Bitcoin spikes to $51,500 overnight, set to retrace some of the loss today
BTC/USD opened at $60,000 today after bearish momentum over the last three days. Overnight the market pushed lower until a squick spike reached previous major support at $51,500. From there, Bitcoin pushed higher and currently trades just below $57,000 resistance, meaning that we will likely see further upside later today as the market looks to regain some of the loss.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $55,144 – $62,465, indicating severe volatility over the last 24 hours. Trading volume has increased by 11 percent and totals almost $89 billion. The total market cap stands at $1.08 trillion, with a market dominance of 52.1 percent.
BTC/USD 4-hour chart – BTC drops almost 15 percent overnight
On the 4-hour chart, we can see extreme volatility over the past hours as a quick spike to the downside was seen earlier today. Currently market looks to regain some of the loss seen earlier with the next resistance target of around $59,500 likely being reached later today.
Overall, Bitcoin has seen huge retracement over the past few days. After a new all-time high was set just below $65,000, BTC/USD started setting lower lows and highs.
Yesterday the Bitcoin price action set another lower high, around $62,500. After some initial push lower the market found some support at the $60,000 mark. However, overnight, BTC/USD started moving lower again. Previous support levels at $59,500 and $57,000 were quickly broken without any price reaction. What followed was a further spike lower towards $51,500.
Right now, BTC has regained some of the loss as it trades below the $57,000 resistance. Once bulls can push the market price back above it, we expect to move towards the next resistance at $59,500. From there, the market will likely start consolidating for some time as most of the loss will have been regained.
Over the next week, we would understand better if the sharp move lower indicates a much larger trend reversal. After setting a new swing high, we expect that a new higher low will be set around the $55,500 previous support. However, if a further downside is seen and the market retests the $51,500 low, we could see a much longer, medium-term trend reversal or at least a several-week consolidation.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as a further downside was quickly rejected after a quick spike lower overnight towards the $51,500 support. Therefore, we expect further upside later today as bulls try to regain some of the loss and push towards the next resistance at $59,500.
While waiting for further Bitcoin price action development, see our Bitcoin mining guide as well as an overview of Bitcoin mining software. Additionally, read our Bitcoin halving guide to learn more about the technical aspects of Bitcoin.
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.