TL;DR Breakdown
- BTC peaked at $36,900.
- Closest support at $34,500.
- A bearish 4-hour pin-bar formed earlier today.
Today`s Bitcoin price prediction is bearish as the market has reached the $37,000 resistance area once again and seems to reject further upside so far.
The overall market has experienced a strong upswing over the last 24 hours. Practically every cryptocurrency is up by a substantial amount. Bitcoin has gained 8.38 percent so far, while Ethereum is up 7.26 percent. The rest of the altcoins follow a similar pattern. Likely we could see a reversal later on in the day as there are first signs of rejection for further upside.
Bitcoin Price Prediction: BTC has reached $37,000 again, a reversal to follow?
Our previous Bitcoin price prediction mentioned how Bitcoin could move back towards the historically significant $30,000 mark. The $30,000 price mark still draws a lot of attention as it previously did reverse BTC/USD in a major way.
Currently, however, Bitcoin trades a long way from it. Earlier today, we saw Bitcoin test the $37,000 mark, which it has so far rejected. Therefore, Bitcoin could be forming a reversal, and more downside could follow during the next 24 hours. First key support for BTC/USD is located around $34,500.
Bitcoin price movement in the last 24 hours
Over the last 24 hours, Bitcoin has moved in a range of $34,157 – $36,767, with a 24 hour volume of $65 billion. Bitcoins` market dominance is currently around 62 percent.
BTC/USD 4-hour chart – Pin-bar to push BItcoin lower?
Overall, Bitcoin has had a very volatile past week. A very strong move from the $30,000 price mark resulted in a gain of over 25 percent towards the $37.500 resistance. Afterward, Bitcoin saw a reversal to the downside and towards the $32,500 support. From there on, BTC/USD spent several days in a consolidation. The area between both the 50 and the 100 period moving averages provided additional support.
Yesterday, Bitcoin finally broke above the $34,500 resistance that held it down several times last week. The market then increased rapidly until the previously mentioned $37,000 resistance was reached.
Currently, Bitcoin shows the first signs of rejection for further upside as a clear bearish pin-bar was formed. The first support target for BTC/USD could be the $34,500 price mark. However, the analyst believes Bitcoin should see further downside to the $32,500 previous support/resistance level.
From the $32,500 support, Bitcoin could prepare for another move higher, although BTC/USD did just set another lower low, indicating bearish momentum taking over once again. Therefore, the Bitcoin price prediction is bearish as of now.
Alternatively, if Bitcoin can manage to move higher above the resistance area of $37,00 – $38,000, BTC/USD would tend towards a slightly bullish market structure.
Bitcoin Price Prediction: conclusion
Overall, Bitcoin price prediction for today is bearish as the market has extended itself over the past 24 hours and has reached a strong resistance area. Therefore, the analyst believes Bitcoin should see further downside later today.
Targets to watch for to the downside are located around $34,500 as well as $32,500. From there on, much depends on how the price of Bitcoin reacts. If the support levels are respected, Bitcoin should see a reversal back towards previous highs. If not, Bitcoin will likely continue to consolidate around the $32,500 – $34,500 area for several days.
While waiting for further price action, read our news on Guggenheim CIO seeing Bitcoin at $600,000 or how a Chinese sports lottery outfit, 500.com, is about to purchase about $8.5 million worth of Bitcoin mining machines.
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.
