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Bitcoin price prediction: Bitcoin $59,000 with a rejection, prepares to move lower?

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC peaks below $59,500.
  • $59,000 resistance still hold.
  • BTC heads to set another higher low around $57,000.

Today’s Bitcoin price prediction is bearish as a further upside was rejected earlier today around the $59,000 resistance and previous swing high. Therefore, we expect Bitcoin to move lower over the next 24 hours to set another higher low above $57,000.

Bitcoin price prediction: Bitcoin $59,000 with a rejection, prepares to move lower? 1
Cryptocurrency heat map. Source: Coin360

The overall market has seen good performance over the last 24 hours. Bitcoin has remained relatively flat with a small gain of 0.74 percent, while Ethereum is up by more than 4 percent. Among the best performers is Stellar, with a gain of almost 20 percent. The rest of the major altcoins fall in-between results of Ethereum and Stellar as overall bullish sentiment is still strong.

Bitcoin price prediction: Bitcoin $59,000 with a rejection, prepares to move lower? 

BTC/USD opened at $58,313 after setting a slightly higher high above the $56,000 mark yesterday. Overnight, Bitcoin price moved higher again to retest the previous swing high of around $59,500. However, right now, further upside is rejected as the market peaked at $59,600 over the past hours, indicating that another retracement should be seen over the next 24 hours.

Bitcoin price movement in the last 24 hours

BTC/USD price moved in a range of $56,482 – $59,519, indicating moderate volatility. 24-hour trading volume has dropped by almost 6 percent and totals $64.5 billion. Meanwhile, the total market cap trades at the $1.1 trillion mark, resulting in a market dominance of 43.74 percent.

BTC/USD 4-hour chart – BTC fails to move above the $59,000 resistance

On the 4-hour chart, we can see Bitcoin price moving lower once again over the last hours, indicating that BTC will attempt to set another higher low. 

Bitcoin price prediction: Bitcoin $59,000 with a rejection, prepares to move lower?
BTC/USD 4-hour chart. Source: TradingView

The overall market continued recovering over the past week after a severe drop over the middle of April when BTC/USD dropped more than 25 percent from the $65,000 all-time high. After establishing a solid consolidation base of around $49,000-$50,000, the market started pushing higher on the 26th of April. 

From there, Bitcoin price reached back above $56,000 resistance and, after setting a strong higher low around $53,000, pushed towards the $59,000 mark. On the 3rd of May, BTC/USD failed to move higher and retraced most of the gains seen over the previous days, with the $53,000 support retested again.

Last week, Bitcoin slowly traded higher again towards the $59,000 resistance. After several attempts to move higher on the 8th of May, BTC set a slightly higher high around $59,500. From there, Bitcoin retraced and set another higher low above the $56,000 support, indicating that the market is still trending higher.

Overnight, Bitcoin moved higher again, with the $59,500 previous local swing high reached in the morning. Right now, Bitcoin price rejects further upside, indicating that we will see another retracement to set a higher low today. From there, we expect Bitcoin to make another attempt to break the $59,000-$59,500 resistance area and push towards the next target at $61,000. 

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bearish as the market moves lower over the past hours after failing to set a higher high earlier today. This should lead BTC/USD towards establishing another higher low above the $57,000 mark, from which to push higher later this week.

While waiting for further Bitcoin price action development, see our guides on how to buy Bitcoin with a credit card, sell Bitcoin, and use 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.

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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