- BTC finds support around $54,000.
- Closest resistance at $56,000.
- Next resistance at $59,000.
Today’s Bitcoin price prediction is bullish as the market dropped almost 10 percent over the past 24 hours from the $59,500 high to the $53,500 low. Since further downside was heavily rejected and the market price returned back below the $56,000 resistance, we expect Bitcoin to start moving higher over the next 24 hours.
The cryptocurrency market is in the red today. The market leader, Bitcoin, trades around $55,000 and has lost 4 percent over the last 24 hours. Meanwhile, Ethereum trades just below the $4,000 mark, with a loss of 4.5 percent. Among the top altcoins, the worst performance is seen for Ripple (XRP), Chainlink(LINK), and Litecoin (LTC), with a loss of around 5-6 percent.
BTC/USD opened at $55,866, after retracing from the $59,000 resistance yesterday. Currently, a slightly higher high is set at the $54,000 mark. Therefore, we expect BTC/USD to push higher towards the $59,000 resistance over the next 24 hours as bulls attempt to finally break it.
Bitcoin price movement in the last 24 hours
BTC/USD price moved in a range of $54,071 – $58,534, indicating a good amount of volatility. 24 hour trading volume has dropped by 21 percent and totals $73.2 billion. Meanwhile, the total market cap trades around the $1 trillion mark, leading to market dominance of 42.84 percent.
BTC/USD 4-hour chart – BTC consolidates below $56,000
On the 4-hour chart, we can see BTC/USD rejecting further downside below $54,000 with a strong spike.
Bitcoin price continues slowly moving higher over the past days. After dropping by more than 25 percent in the second half of April, BTC/USD established a strong base around the $49,000-$50,000 area, sending a signal to the market that it is time to reverse.
After Bitcoin spiked to $47,000 on the 25th of April, the market quickly recovered and reached the $56,000 mark. From there, another higher high st $59,000 was established on the 3rd of May. After retesting the $53,000 support, Bitcoin attempted to break the $59,000 resistance again late last week.
This time, Bitcoin established a slightly higher high at $59,500. After retesting again yesterday, BTC/USD pushed lower and set a slightly higher low around $54,000. Since then, Bitcoin price action has moved sideways below the $56,000 resistance as bulls build a base from which to push higher later this week.
Therefore, we can expect BTC/USD to break above the $56,000 mark and start heading to the $59,000 resistance and the $59,500 previous swing higher over the next 24 hours. If Bitcoin fails to breach these resistance levels, we could see a much serious medium-term downswing form over the next weeks.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market rejected further downside yesterday. Therefore, once the current consolidation below the $56,000 breaks to the upside, we can expect BTC to move higher to breaks the $59,000 resistance. From there, the next target is located at the $61,000 mark, meaning a potential gain of around 9 percent from the current price.
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