Today’s Bitcoin price prediction is bullish as further downside seems unlikely after a drop of around 14 percent over the last 24 hours. Therefore, we expect BTC to rally later today to retest the previous support at $51,500 as a resistance.
The crypto market is in the red today as a sharp spike lower was seen across the board. Bitcoin is down by 10 percent, while Ethereum by 11 percent. Among the worst performers from the major altcoins is Ripple and Vechain with respective loss of 19 and 23 percent.
Bitcoin Bitcoin spikes to $47,500, prepares to retrace to $51,500?
BTC/USD opened at $51,695 after bearish close yesterday. Bitcoin price saw further downside overnight with a new lower low set at $47,500. Therefore, BTC/USD has lost 26.5 percent over the past week, and we should see some retracement over the weekend. The first target to the upside is located at the $51,500 previous support, which should now act as a resistance.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $47,714 – $55,410, indicating huge volatility. Meanwhile, the 24 trading volume saw a sharp increase by 50.7 percent, totaling $90.2 billion. The total market cap has returned below the $1 trillion mark and trades at $905 billion and market dominance of 51.59 percent.
BTC sets another lower low at $47,500
On the 4-hour chart, the BTC price has failed to reach the $47,000 support as some upside momentum took over the Bitcoin price momentum. However, we could see further downside later today before a much substantial retracement to the upside is seen over the weekend.
As mentioned in our previous Bitcoin price prediction, the market set another lower low, around $55,500, yesterday after a quick spike to retest the $51,500 support. From there, BTC/USD started moving lower in the afternoon until the $51,500 support was broken with only a slight hesitation. The bearish momentum continued overnight, resulting in a new lower low set at 47,500.
Overall, Bitcoin price has lost around 26.5 percent from the previous all-time high, just below the $65,000. As two strong bearish waves to the downside have been made, we could see the Bitcoin price action shift later this month.
Currently, however, the market has to retrace some of the loss seen overnight. The first obvious resistance is located at the $51,500 previous support, which should now act as a resistance. If reached from the current price of around $48,300, this would only mean a retracement of around 6-7 percent. Therefore, a much more realistic target for the upcoming reversal is seen at the $54,000 previous consolidation support.
Once BTC/USD retraces, it is important to wait for the next move to the downside. If Bitcoin fails to set a higher low, we could see another sharp move to the downside next week. The next area of support is seen around the $45,000-$47,000 area.
Bitcoin price prediction is bullish as BTC/USD made another strong push lover overnight. Support at $47,000 could still be reached later today as there is no significant sign of reversal back to the upside as of now. However, overall, we expect BTC/USD to retrace some of the loss over the next 24 hours, with the first resistance target seen at $51,500.
While Bitcoin price action develops further, see our guide on how Bitcoin mining works and mining software used. Additionally, see our Litecoin vs Bitcoin comparison article to learn more about who could perform the best over the next months.