- Bitcoin price prediction puts the bulls firmly in the saddle
- Strong momentum needed to cross the psychological $16,000 level
- Technical indicators support a bullish picture
- BTC and altcoins will look forward to starting fresh after the US Presidential elections over
Bitcoin price prediction – Strong rebound from $14,350 lows shows bullish resolve
Bitcoin price prediction is now firmly in the bullish territory as each passing day posts a new annual high on the chart. The Bitcoin price is now on the way to close above $15,500 and convert this resistance level into strong support. The bulls have demonstrated intense buying activity to pick up the price from the daily low of $14,350 and once again cross the $15,500 mark.
The zig-zag price movement shows the bullish resolve to remain in an ascending channel and keep achieving new highs. The bears are given no chance to pull the price underneath significant pivot points for longer timeframes. In the past 24 hours, every downward move has been a bear trap. Even the heavy 10 percent correction on the hourly charts hasn’t deterred the bulls from accumulating the BTC/USD pair.
Bitcoin price movement in the last 4-hour – BTC posts swift recovery from $14,350 lows
The crash in BTC/USD pair that temporarily shook Bitcoin price prediction saw the pair fluctuate towards a daily low of $14,350. The swift move below the psychological $15,000 level saw the pair post fresh lows daily. However, the bulls reacted quickly, and a flurry of buying activity with high volumes saw the pair touch the $15,500 level within a few hours.
The US Presidential election results and strong macro factors have ensured that traders are still long on the hourly charts. The annual high of $15,968 shows that bulls still have a lot of fuel left to push the pair to new highs beyond the $16,000 level. The crisscrossing hourly chart shows that the volatile weekend is coming to a close.
Tomorrow, the world markets are well set up for bullish activity since the world will celebrate Joe Biden’s victory in the closely-contested US Presidential race. The BTC/USD pair will also likely join the celebrations. Bulls will surely attempt to cross $16,500 decisively in a bid to push Bitcoin price prediction in positive territory.
BTC/USD 4-hour chart – Bulls have held the $15,000 fort
Technically, the BTC/USD 4-hour chart is safely in the bullish region. The various technical indicators are showing a bullish to a neutral stance. The subtle move on the RSI shows that buying activity has been swift over the past few hours. The bearish reversal made the RSI post a ‘see-saw’ pattern, but the reading didn’t move below 50.
The MACD is on the verge of a positive breakout after the price posted a quick recovery. The current Bitcoin price hovers around the $15,350 mark, and volumes as thin due to low weekend liquidity. In a small hourly timeframe, the BTC/USD chart is also struggling with a descending wedge pattern surrounded by sloping trend lines. The pair must confidently end the day above the $15,300 area to break away from the bearish wedge pattern.
The crypto market cap is hovering around $435 billion and has flattened over the weekend after a decent rise the past week. However, uncertainty still hangs in the crypto market as altcoins can react wildly to geopolitical developments. The sideways price movement on the hourly charts can stagnate, giving bears a chance to pull the price down and take Bitcoin price prediction down.
BTC numbers drop on exchanges – A bullish or bearish sign?
As per recent data from Delphi Digital, the number of Bitcoin’s held by traders on crypto exchanges has come down significantly. The crypto consulting firm released its latest report in which the drop in the number of BTCs is apparent in the on-chain data.
The shortfall in BTCs shows that traders are possibly HOD L’ing in anticipation of a large upward move in the Bitcoin price. This report data augurs well for Bitcoin price prediction. The number of BTCs has come down to 2.41 million from the earlier figure of 2.96 million. When fewer traders are holding Bitcoin on exchanges, it can mean that they are looking to invest in the long term, instead of day trading.
Bitcoin price prediction conclusion – Bitcoin to start the new week on a high note
The Bitcoin price prediction for next week looks fairly stable. The pair is well on the way to close above the $15,350 mark, which will ensure that the $15,385 resistance level will be tackled well by the bulls as the Euphoric markets open on Monday. The next crucial level to surpass will be the pivot point at $15,750, where the pair can witness some minor profit booking.
However, if the market euphoria sustains till the US markets open, the BTC/USD pair can well touch the psychological $16,000 mark. In case the pair closes under this resistance for multiple days ahead, bulls must expect a duel with the bears. Thus, the bulls must maintain the momentum in the current trend for positive bitcoin price prediction.
Underneath the support, there are multiple price pivots to be aware of. The first defense is at $14,900 and has held the pair well in the past few trading sessions. Next, there are two key support levels: $14,600 and $14,480, where the 50-day EMA is holding strong. So far, technical indicators are favoring the bulls on the hourly timeframe.
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.