Today’s Bitcoin price prediction is bullish as the market rejects further downside after failing to move below the $54,000 support. Therefore, we expect BTC/USD to move higher over the next 24 hours as bulls look to set a higher above $57,000 resistance.
The overall crypto market is in the red over the last 24 hours. Bitcoin is down 4 percent as it retests previous lows. The worst performance is seen for Ripple (XRP) from the top altcoins, which is down by 16 percent. Meanwhile, Dogecoin continues to gain ground and is up almost 20 percent after breaching the $0.40 mark.
Bitcoin retests $54,000, prepares to move higher later today
BTC/USD opened at $55,696 after a brief move higher yesterday and a subsequent reversal around $57,000 resistance. From there, the Bitcoin price set another lower high and slightly lower low as a quick move below the $54,000 support was seen over the last hours. However, unless further downside is seen, we expect the market to reverse later today with the goal to move above the $57,000 resistance.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $54,062 – $57,520, indicating a moderate amount of volatility. Trading volume has dropped by 14 percent and totals $65.84 billion. The total market cap stands just above the 1 trillion mark with a market dominance of 51.72 percent.
BTC/USD 4-hour chart – BTC rejects further downside at the $54,000 mark again
On the 4-hour chart, we can see BTC/USD currently attempting to move lower. If a further downside is rejected, we should see a move towards the $57,000 resistance later today.
Overall, Bitcoin has turned bearish over the past few days. After gaining almost 30 percent from the $50,500 low set on the 25th of April to the high of 64,896, set on the 14th of April in two separate bullish waves, the market started slowing down.
Late last week, we saw Bitcoin price action set several lower lows and highs until previous major support at $60,000 was broken without much hesitation. From there, further, spike lower was seen all the way towards $51,500. Bulls quickly pushed the price action higher towards $57,000 resistance, where a significantly lower high was set.
After some consolidation, BTC/USD started moving lower and almost retested $54,000 support. After a brief pullback overnight, the Bitcoin price started to move lower again and currently retests the $54,000 support.
If a further downside is not seen over the next hours, we can expect the market to reverse and start moving higher later today. First minor resistance is seen at $55,500; however, since it has been invalidated several times before, we will likely see the market push straight towards the $57,000 mark later today. From there, if Bitcoin established a higher high, we should see the market start trending higher again over the remainder of this week.
Alternatively, if BTC/USD moves lower and breaches the $51,500 support, we can expect a much longer recovery for the Bitcoin price structure. The next major support to be tested is
Bitcoin Price Prediction
Bitcoin price prediction is bullish as we see BTC/USD setting a higher low over the next hours. The next target for Bitcoin bulls is seen at the previous swing high at $57,000. Once it is broken, we can expect the several-week bullish momentum to return.
While waiting for further Bitcoin price action development, see our guide on Bitcoin mining software and how it works. Additionally, see our comparison on Litecoin vs Bitcoin.