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BTC Price Prediction: Bitcoin striding on a quagmire as it misses the $60,000 mark

BTC Price Prediction

TL;DR Breakdown

  • BTC price prediction highlights Bitcoin’s failure to hit the $60,000 mark in today’s trading session.
  • According to crucial short-term technical indicators, Bitcoin might be in for a brief price correction.
  • After finding support at the $58,000 region, critical support levels appear weak for the number one cryptocurrency.

Bitcoin managed to register a significant price surge from its $54,429 region during the start of trading today. While at the days low aforementioned above, Bitcoin moved towards the projected $60,000 mark gradually but in a steady fashion. The bulls appeared focused on pushing the crypto asset past the coveted mark by pushing it past several resistance barriers, including the 50, 100, and 200 Simple Moving Average (SMA). Despite the steady upward trend, Bitcoin faced resistance at the $58,000 mark, where it was met by massive selling pressure. At present, the $58,000 mark is proving to be a hard nut to crack.

BTC Price Prediction: General price overview

According to our analysis, the number one crypto asset, Bitcoin, has lost more than 2 percent of its value in the last 24-hours. In the previous 30 days, the number one crypto coin had lost about 4 percent of its value. However, Bitcoin appears to be on the right track as it has managed to register a 4 percent price surge in the last 7 days. At present, Bitcoin’s market capitalization stands at about $1 trillion, while its trading volume across significant exchanges stands at around $68 billion.

BTC price movement in the past 24 hours

BTC Price Prediction: Bitcoin striding on a quagmire as it misses the $60,000 mark 1
Source: TradingView

According to Bitcoin’s 24-hour price movement, it is clear that BTC investors decided to cash out and take profits when it met resistance around the $58,000 mark. Bitcoin is exchanging hands at around $55,400 region at the time of writing after finding support at the $54,000 mark. While Bitcoin is registering improved short-term price movements, holders appear to be quick to sell the crypto asset whenever it attracts a sudden bull run. This appears to be slowing down the pioneer cryptocurrency as any consolidation leg weakens its momentum in bypassing the $60,000 mark. This shows that investors are looking for quick profits following Bitcoin’s 2-fold price increment over the past year.

According to Bitcoin’s 24-hour chart, 2 critical support levels have been compromised: the 50 and 200 Simple Moving Average. According to the Moving Average Convergence Divergence (MACD) technical indicator, Bitcoin’s weakest resistance barriers appear downwards. This means the bellwether crypto asset is likely to register a price dip as compared to an uptick. At the time of writing, the blue MACD line is not only hovering below the signal line but also close to the negative area.

BTC 4-hour chart

BTC Price Prediction: Bitcoin striding on a quagmire as it misses the $60,000 mark 2
Source: TradingView

Bitcoin’s Relative Strength Index (RSI) indicator also paints a bearish picture on the 4-hour chart. At present, the RSI indicator is facing downwards while moving towards the middle line. For Bitcoin to invalidate the bearish narrative, the bulls need to come out and ensure it gets support above the 100 Simple Moving Average. This will not only chase the bears, but it will also put Bitcoin back to its usual bullish self. If worst comes to worst, Bitcoin should not fall below the $53,000 mark to avoid further price declines that might take it towards the $50,000 mark.

Conclusion

At present, Bitcoin is facing a formidable resistance that is denying its bull run towards $60,000 from taking place. As a result, the ongoing brief price retracement is causing the entire market to stagnate despite Bitcoin’s heightened interest and adoption from corporates over the past few days.

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.

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Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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