- BTC breaks $51,500-$5,300 support overnight.
- $47,000 still holds as strong support.
- The $51,500 support now acts as a resistance.
Today’s Bitcoin price prediction is bullish as the market lost more than 20 percent over the last 24 hours and spiked to retest the $47,000 support. Therefore, we should see a reversal as BTC/USD regains some of the loss.
The cryptocurrency market saw a huge decline overnight as most altcoins dropped by 5-10 percent. Bitcoin trades with a 24 hour loss of 11 percent, while Ethereum around 8.5 percent. EOS is among the worst performers, with a loss of almost 19 percent.
Bitcoin price prediction: Bitcoin spikes to $47,000, ready to retrace higher?
BTC/USD opened at $49,392 after a strong push lower yesterday from the $57,000 mark. Overnight, Etherum price spiked below the $47,000 support, where bulls started absorbing any further selling pressure. Since a huge bullish rejection candle was established, we expect BTC/USD to push higher over the next few days and regain most of the loss.
Bitcoin price movement in the last 24 hours
BTC/USD price moved in a range of $46,980 – $57,196, indicating severe volatility. 24-hour trading volume has spiked by 57 percent and totals $95.9 billion. The total market cap has dropped below the $1 trillion mark and trades around $940 billion, resulting in market dominance of 41.37 percent.
BTC/USD 4-hour chart – BTC retests previous support at $47,000
On the 4-hour chart, we can see BTC/USD posting a huge rejection candle after retesting $47,000 previous major support.
The overall Bitcoin price action has turned bearish again as the market saw a 20 percent decline over the past 20 percent, with the previous major support level of $47,000 retested. As mentioned in our previous Bitcoin price prediction, this was a result of another low established around $54,000, after which BTC/USD failed to move higher and peaked at $58,000.
Since a slightly lower low was established overnight below the $47,000 support, we can assume that BTC/USD has turned bearish again. Furthermore, the previous consolidation around the $59,000-$59,500 area indicates that a clear higher medium-term swing low has also been set.
Therefore, unless Bitcoin price action can break above the $59,500 previous swing high, we are bearish for the overall several-week Bitcoin market structure. Potentially we could see BTC/USD start to consolidate in a relatively wide but tightening range over the next week.
An alternate scenario is a retracement back to the upside over the next days, where a lower high is set. From there, Bitcoin will continue moving lower towards the next major support target of $45,000. This would further indicate that the overall market price action structure has turned bearish, and a much serious, medium-term retracement will be seen over the next weeks.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market lost more than 20 percent over the last 24 hours and established a clear rejection candle overnight. Therefore, we expect BTC/USD to push higher over the next few days, with the closest resistance around $53,000.
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.