- BTC continues trading above $30,000.
- Bitcoin saw more downside over the last 24 hours.
- Resistance around $34,000.
Cryptocurrency heat map by Coin360
The Coin360 heat map for the last 24 hours shows a negative market movement so far. The largest coins – Bitcoin and Ethereum are in the red. However, recent best performers, DOT, and LINK continue to hold gains from yesterday.
Bitcoin Price Prediction: BTC to continue consolidating above $30,000?
After a strong bearish move yesterday, which resulted in a loss of around 6 percent, BTC/USD opened at $30,414 today.
Bitcoin attempted to break below the $30,000 mark once again and set a new low at $29,156. However, Bitcoin failed to sustain its price below this level. BTC/USD saw a rejection back above $30,000 shortly after.
Therefore, Bitcoin Price Prediction for today is neutral. The analyst believes we will see further consolidation around the $30,000 critical horizontal level of support.
Bitcoin price movement in the last 24 hours
The price of Bitcoin has traded in a range of $29,367-$31,891 over the last 24 hours. Right now. BTC looks to move higher once again as a further downside was rejected overnight.
As described in yesterday’s Bitcoin price prediction, a potential resistance target for Bitcoin is located around the $33,000-$34,000 area. This target would probably be tested at some point during the remainder of this week.
Bitcoin price chart by TradingView
BTC/USD 4-hour chart – Bitcoin continues to consolidate, still can`t hold below $30,000
The medium-term Bitcoin price structure still trades in a descending triangle pattern with the $30,000 acting as a support and the several week descending trend line acting as a resistance.
As mentioned in our Weekly Crypto Price Prediction, Bitcoin saw further downside this week. After another attempt to break below the $30,000 horizontal support, Bitcoin saw another rejection, indicating that the support still holds.
Bitcoin price has set a new short-term high around $32,000, which is significantly lower than the previous one. Therefore, Bitcoin does indicate a bearish short-term market structure. Additionally, the 50 period moving average currently offers some resistance. If broken, this resistance could be used as an indication for a potential reversal to the upside.
If a reversal is seen to the upside, key resistance levels are currently around $33,000-$34,000 as well as $37,500, meaning a gain of 9 and 20 percent, respectively. However, it is too early to search the market for longs, as Bitcoin would need to establish a further bullish price structure.
Therefore, a short position is the only real option right now. If Bitcoin price breaks the $30,000 mark, a retest of the level as a resistance can be used to short the market. Next support is located as far as $24,000, which would mean a further drop of 20 percent from the $30,000 price mark.
Bitcoin Price Prediction: conclusion
Short-term Bitcoin price prediction is neutral. Further price action development is needed to establish a clear preference for where the market is going next.
A move that breaks the $30,000 support would open up a lot of free room to the downside. However, until BTC/USD breaks the support, it is best to stay neutral and wait for further price action. Alternatively, if Bitcoin can move above $32,000, a short term long position could be made towards the $33,000-$34,000 resistance. Another technical level to watch is the descending trendline, which will likely signal an upcoming reversal to the upside if broken.
To see the latest news, read our article on OKCoin supporting Blockchain domain names and the warning that The Bank for International Settlements (BIS) has made about 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.