logo

Bitcoin price prediction: Bearish hold limits BTC/USD under $54K

Bitcoin price prediction Bearish hold limits BTCUSD under K

TL;DR Breakdown

  • Bitcoin price prediction turns bullish as price hovers around $53,396.
  • BTC/USD challenges upper Bollinger Band with a positive outlook.
  • The crucial support at $50,000 is supporting the price from volatility.
Bitcoin price prediction: Bearish hold limits BTC/USD under $54K 1
Cryptocurrency heat map by Coin360

Bitcoin price has begun the new week on a positive note. The price is hovering above the critical $50,000 support, acting as a major defense against any selling rally. The bulls are propelling the price near the upper Bollinger Band to pursue upper resistance at the $55,000 level. The rising volatility is threatening the bullish recovery, and there can be minor short-selling on the cards as per Bitcoin price prediction.

Also, the rise in liquidity will push the volatility further higher and may stall the recovery efforts. Today’s high at $54,440 was met with selling pressure. The pair has since retreated to $52,629 lows and looking to stabilize within the Bollinger Band. The sell-off in Bitcoin seems to be over on the daily charts as the price has stabilized near the $50,000 level.

The recent correction has wiped out some high leverage traders and reduced the overly bullish overhang persistent throughout March. The same is reiterated by the ‘Crypto Fear and Greed Index, which shows a dip on the charts. According to Bitcoin price prediction, the correction is also presenting an accumulation opportunity for the traders who were waiting on the sidelines.

Bitcoin price movement in the last 24 hours: Beginning of another accumulation phase?

The stability at the $50,000 level is reflecting in the volumes. The traders are buying, and long-orders are slowly coming back to the market. Whether or not this will turn into another accumulation stage remains to be seen as the pivot points well support lower levels at $47,000 and $45,000.

The BTC/USD pair moves within a predictable Bollinger Bands range between $48,223 and $54,170. Today’s minor breakout wiped off some bearish pressure from the pair. The sharp rise has also re-ignited the bulls to take more exposure. Any aggressive rise in the BTC price can hurt the bears real quick, and they may have to wind up their short positions.

The swing low of $46,980 shows that the bears have completed a significant retracement in the current rally. The pivot point represents the 50-day simple moving average, and the price is likely to sustain further bearish pressure with ease. Bitcoin price prediction studies show that the bulls are slowly emerging from the shadows to accumulate at current levels and ready to deploy more buy orders if the price dips further.

BTC/USD 4-hour chart: Technical indicators turn bullish

Bitcoin price prediction: Bearish hold limits BTC/USD under $54K 2
Bitcoin price chart by TradingView

The confluence of bullish-oriented technical indicators is sparking a renewed buying wave. The RSI is currently at 58 levels and rising upwards after touching a low of 40. The 20-day exponential moving average is sloping down, showing that bears still hold considerable influence on the market. There can be renewed selling pressure at the $55,380 level where the profit-booking can stall the BTC/USD pair as per Bitcoin price prediction.

Any aggressive return from the 20-day EMA will show that the pair is in a bearish solid hold. The bearish outlook will be further confirmed by the MACD technical indicator, which is currently in a neutral trend. The pair can sink towards $43,000 quickly if the bearish pressure increases sharply. The correction can also make the pair reverse its hourly bullish outlook.

The lower highs also suggest that the bulls are under pressure. The charts have green candlesticks, but they are short and do not yet fully confirm any bullish rise in the pair. The bulls will have to push the pair with heavy volumes to cross the $61,800 level and establish new highs.

Bitcoin price prediction conclusion: Bears hold the upper hand

Despite the recent rise on the hourly charts, the BTC/USD pair is under bearish distress as per Bitcoin price prediction. The pair will have to cross higher resistances at $55,380 and then at $58,290 to mark a clear bullish uptrend. Also, institutional buying is so far absent from the market, suggesting they may be looking for lower levels to purchase the pair.

Most of the news has passed on the fundamental front, and the pair is now clearly looking for positive technical indicators to chart further growth. As per Bitcoin price prediction studies, the last week’s slump is not entirely over yet since the pair has been unable to script a clear breakout.

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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Litecoin price analysis: Bearish cycle reduces LTC value to $61.17
Top tweets of the day - 14th August
Ethereum merge: what happens to your NFTs after it occurs?
Biggest hacks of this week - 15th August
How to Mine Pi 2022 (Complete Guide)

Follow Us

Industry News

Top tweets of the day - 14th August
Ethereum merge: what happens to your NFTs after it occurs?
BlueBenx halts withdrawals after $32 million hack
Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange