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Bitcoin price prediction: Bitcoin finds support at $53,000, ready to set a higher high?

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC peaked at $56,000 yesterday.
  • Support was found at $53,000.
  • Next resistance to break at $57,000.

Bitcoin price prediction is bullish for Today as the market has retraced overnight and currently looks to move higher again. Therefore, we expect further upside later today as bulls look to establish a higher high above $57,000 resistance.

Bitcoin price prediction: Bitcoin finds support at $53,000, ready to set a higher high? 1
Cryptocurrency heat map. Source: Coin360

The crypto market trades in the green today. Bitcoin has remained flat, while Ethereum is up by almost 2 percent. Among the best performers are Ripple, Binance Coin, and Polkadot, which are up by 7-11 percent. Cardano is one of the worst performers as it is down by almost 3.5 percent.

Bitcoin price prediction: Bitcoin finds support at $53,000, ready to set a higher high? 

BTC/USD opened at $53,580 after a bearish close yesterday. As Bitcoin found support around $52,500-$53,000, we expect the market to move higher today and try to reach the next resistance at $57,000. 

Bitcoin price movement in the last 24 hours

BTC/USD traded in a range of $52,418 – $54,706, indicating moderate volatility. 24-hour trading volume is up by 6.5 percent and totals $47.3 billion. Market capitalization trades just above the $1 trillion mark, resulting in a market dominance of 47.94 percent.

BTC/USD 4-hour chart – BTC builds momentum to the upside

When looking at the 4-hour chart, we can see Bitcoin price moving higher over the past hours, indicating that we could see a retest of previous highs later today.

Bitcoin price prediction: Bitcoin finds support at $53,000, ready to set a higher high?
BTC/USD 4-hour chart. Source: TradingView

The overall market continues to trade with a bearish price structure over the past few days. After establishing a new all-time high just below the $65,000 mark, BTC/USD dropped by 20 percent until support was found at $51,500. 

After retracing some of the loss and consolidating for several days below $57,000 resistance, the Bitcoin price action made another spike lower on the 23rd of April. This time support was found around $47,500. From there, Bitcoin consolidated for more than 24 hours again until another spike lower was made to $47,000. Bulls immediately pushed the market higher and, from there, the market rallied for several days until a local high at $56,500 was set.

Over the past days, the bullish Bitcoin price momentum has slowed down, indicating that Bitcoin was ready for a retracement. Overnight, BTC/USD did move lower and established support around $52,500. From there, Bitcoin started to rally over the past hours as it looks to retest the previous high around $56,500. 

Therefore, it is important to see how the market will react around the resistance. If Bitcoin can sustain strong bullish momentum over the next 24 hours, we could see the $57,000 resistance broken and a new higher high set, which would be a powerful signal that the current bearish momentum is over.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market rallies after finding support around $53,000 overnight. Therefore, we should see Bitcoin move to retest the previous swing high, around $56,000, and likely push even higher towards the $57,000 mark.

While waiting for further Bitcoin price action development, read our guides on the Best bitcoin wallets and faucets. To learn more about other ways to invest in Bitcoin, see our article on Bitcoin ETFs.

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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