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Bitcoin Price Prediction: BTC/USD price hits new 2-week high

Price of BTC USD

TL;DR Breakdown

  • 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

Price of BTC/USD
(Source: Tradeview)

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

Price of BTC/USD
(Source: Tradeview)

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.

Conclusion

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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