Today’s Bitcoin price prediction is bullish as the market moved lower overnight and established a higher low around the $36,000 mark. Therefore, we expect BTC/USD to move higher over the next 24 hours and push towards the $42,000 mark.
The crypto market trades relatively flat over the last 24 hours. Bitcoin has declined by 1.35 percent while Ethereum by 2.75 percent. The rest of the market follows this pattern of slight losses.
BTC/USD opened at $35,680 after a bearish close yesterday. Resistance was found at the $40,000 mark, from which BTC/USD moved lower and reached the $36,000 support. This likely means that a new higher low has been set and the market is ready to push higher over the next 24 hours.
BTC/USD traded in a range of $34,779 – $37,261, indicating a moderate amount of volatility. Trading volume has increased by 28.37 percent and totals $54.5 billion. Meanwhile, the total market cap trades at $677.6 billion, resulting in market dominance of 43 percent.
The overall market still trades within a several-week bearish momentum. After declining from the last major swing high at $59,000 on the 9th of May, BTC/USD retraced by more than 45 percent until support was found around the $30,000 mark.
From there, the Bitcoin price action retraced to the $42,000 resistance and retraced lower to set a higher low above the $31,000 mark. On Wednesday, BTC/USD moved higher to the $40,000 resistance, where a slight local swing high was set, indicating that the market prepares to reverse to the upside.
Yesterday, BTC/USD declined lower again and found support around the $36,000 mark overnight. Therefore, we expect the market to start reversing later today to attempt to breach the $42,000 mark over the next few days.
Once the $42,000 resistance breaks, the Bitcoin price should move further to the next support/resistance level around $46,000-$47,000. In this scenario, the market would send a clear signal that bulls are back in control and we can expect further upside next week.
Bitcoin price prediction is bullish as BTC/USD likely is ready to reverse back to the upside over the next 24 hours. The closest target to reach is located at the $42,000 mark, from there, a first strong technical indication for a bullish reversal will be set.