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Bitcoin price prediction: Bitcoin retests $49,000 support, prepares to break above $51,500?

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC found support around $49,100 earlier today.
  • Closest resistance at $51,500.
  • Next resistance target at $54,000.

Today’s Bitcoin price prediction is bullish as the market has retested support at $49,100 and has since moved higher towards the previous swing high at $51,500. Therefore, if the current bullish momentum continues, we expect BTC/USD to move above $51,500 and establish a higher local high.

Bitcoin price prediction: Bitcoin retests $49,000 support, prepares to break above $51,500? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is in the green today as the markets have rallied over the past hours after retracement overnight. The market leader, Bitcoin, has returned above the $50,000 mark and trades with a 24 hour gain of 1.38 percent. Meanwhile, Ethereum has posted a solid gain of 5.75 percent. The rest of the top altcoins follow this bullish price action momentum with various results.

Bitcoin price prediction: Bitcoin retests $49,000 support, prepares to break above $51,500? 

BTC/USD opened at $50,101 today after strong bearish momentum took Bitcoin from the $51,500 resistance to $49,000 local support. Over the past hours, the market has established another higher local high, indicating that we should see a reversal to the upside over the next 24 hours.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $49,014 – $51,010, indicating moderate volatility. 24-hour trading volume has dropped by 25.48 percent and totals $41.8 billion. Meanwhile, the total market cap stands at $934.8 billion with a market dominance of 50.2 percent.

BTC/USD 4-hour chart – BTC prepares for another attempt to break the $51,500 resistance

On the 4-hour chart, we can see BTC/USD trading in an increasingly tighter range over the past days after a new several-week low was established around $47,500.

Bitcoin price prediction: Bitcoin retests $49,000 support, prepares to break above $51,500?
BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin continues to trade with very bearish momentum. After setting a new all-time high just below $65,000 on the 14th of April, Bitcoin started to trade lower over the following days until a strong push lower resulted in a spike towards the $51,500 mark.

From there, Bitcoin price regained some of the loss and started to consolidate in an increasingly tighter range. The $54,000 mark served as a support, and the $57,000 mark served as resistance. A couple of days later, another spike lower was seen on the 22nd of April, which established another major lower low around $47,500. The $51,500 previous support was retested as resistance, and another consolidation range was formed.

As mentioned in our yesterday’s Bitcoin price prediction, further rally is stalled as the market trades around the $50,000 mark for the past 24 hours. Therefore, until the current resistance at the $51,500 mark is not broken, we expect further sideways momentum. However, the current increasingly tighter consolidation seems to end as the trading range starts to decrease even more. This indicates that we should see a push higher over the next 24 hours.

After the $51,500 is broken, we expect BTC to retest the $54,000 mark again as a resistance. From there, Bitcoin could push lower later next week. Alternatively, if the Bitcoin price action establishes a higher low later next week, a much serious, medium-term reversal could be seen early next month.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market should break above the current resistance at $51,500 after spending the past day consolidating in a tighter range. After the $51,500 resistance breaks, we should see BTC move towards the next resistance at $54,000. 

While waiting for further Bitcoin price action development, see our guide on the best crypto arbitrage tools as well as Bitcoin mining. To learn more about the 2nd largest cryptocurrency, see our guide on Ethereum mining.

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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