- BTC/USD price climbed to $54,000 in the 24-hour chart and gave the bulls positive signals to hit above last month’s record price of $58,000.
- Bitcoin’s trendline on the daily chart is near the 50% Fibonacci retracement level.
- A bearish trendline has formed on the 1-hour chart and pulled the price of BTC/USD from $54,080 to $53,835.
BTC/USD Price Prediction: General price overview
The price of BTC/USD climbed to $54,000 in the 24-hour chart and gave the bulls positive signals to hit above last month’s record price of $58,000. The uptrend indicates this could spark an ascending channel to $60K and chances of hitting $100K. BTC/USD’s price currently trades at $53,694 after struggling with resistance around $54,500 and $55,800.
This major resistance caused a declining channel from an intraday high of $55,819 to a descending channel that bottomed at $53,474. However, Bitcoin cleared multiple resistances before bears came into play. Nonetheless, the price of BTC/USD is trading well above the 100-hourly SMA.
Besides, the coin is retesting the $53,500 zone. On the downside, the $52,500 level serves as the first major support. It should also be noted that a bullish pattern within the one-hour chart with support around $53,385.
The daily chart began with a bullish trendline at $54,648. Bitcoin was even able to test a bullish resistance at $55,800 before the bears overwhelmed. The daily BTC/USD chart has a high near $55,805, but the coin’s price seems to be correcting within a downswing.
Meanwhile, Bitcoin’s trendline on the daily chart is near the 50% Fibonacci retracement level of the recent upward correction to $55,805 high from $49,375 low. There seems to be two resistance levels on the upside at $54,000 and $55,000. However, the next major resistance lies within the $55,500 price zone. Breaking above this resistance will clear the way for more gains and open doors for the bulls to challenge the $56,000 area.
Other important news updates that could impact BTC/USD price include an on-chain report claiming an increase in buy orders above $100,000 on the Binance exchange. The report indicated the amount of BTC whales who bought the recent dip had hit an all-time high. This is a bullish signal that proves Bitcoin could quickly correct 25% upwards and set a new all-time high.
BTC/USD price in the past 24 hours
BTC/USD price opened the 24-hour chart at $54,080, hit an intraday low of $53,101, and witnessed a percentage gain of 0.03. Bulls are attempting to sustain the price above several supports, $52K, $52.5, $53K, and $53.5K. During press time, the coin trades slightly below the $54K resistance and could break out any time on the 1-hour chart.
The Moving Average Convergence Divergence indicator using the 1-D time frame is also indicating a bullish cross. The indicator made a similar formation with a trendline that took shape on BTC’s chart back on the 2nd and 3rd of February. A correlating uptrend would take place and drive the price of BTC/USD towards another target near the 1.5 Fib extension level at $65,000.
BTC/USD 4-hour chart
A bearish trendline has formed on the 1-hour chart and pulled the price of BTC/USD from $54,080 to $53,835. This shows the stiff resistance facing the coin around the $54,000 and $54,100 support levels. The recent downswing on the 4-hour chart has, however, formed support at $57,787. If the bulls fail to consolidate an upward price correction above this support, the price of Bitcoin is likely to correct low and trade below the 23.5% Fib retracement level.
Predicting BTC/USD price
In the case of Bitcoin’s price moving above $55,500 resistance, the bulls can anticipate yet another short-term bull run above $58,000. If a decline holds below $53,000 and $52,500, a downward price correction could cause a pullback below the $51,200 support, which is a point of significant selling pressure.
Market sentiments indicate Bitcoin is following a bullish trendline and could hit above $70,000. Also, note the digital asset surpassed a market capitalization of $1 trillion yesterday. These are positive signals for yet another bull run that could see the price top another All-time high.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.