Today’s Bitcoin price forecast is bullish, as a further drop was denied earlier in the day. Currently, Bitcoin seems to be aiming for a new lower peak near $55,500. Given how much the last push to the downside has retraced, there isn’t any further downside to be anticipated. As a result, another small retracement is likely later today before Bitcoin moves higher to the next target of $59,000.
The total cryptocurrency industry is trading with mixed effects, as Bitcoin has lost 1% and Ethereu has gained nearly 8%. The top altcoins have had similar mixed performances, with Uniswap up nearly 15%, Litecoin up 5%, Ripple down 4%, and Vechain up 6%.
Bitcoin price forecast: Bitcoin retests $51,500, indicating a big reversal?
BTC/USD opened at $53,795 yesterday after bearish pressure sent the stock below previous support at $57,000. A fast jump to retest $51,500 was met with similarly intense buying pressure earlier today, resulting in a new drive higher towards $55,500.
The price of bitcoin has fluctuated over the last 24 hours.
The BTC/USD exchange rate gone up between $52,712 and $56,327, indicating some volatility. Trading volume has increased by 8.5 percent to $64 billion. In the meantime, the total market capitalization is $1 trillion, reflecting a share of the market of 49.98 percent.
BTC/USD 4-hour chart – BTC fails to fall any further and reverts to $55,500 resistance.
On the 4-hour map earlier today, we can see BTC quickly spiking down. The index is now trying to breach the $57,000 resistance mark.
Overall, bearish sentiment has returned to Bitcoin in recent weeks, after a record all-time high price of $65,000. Following that, multiple lower lows and highs were established before a fast drive lower on April 18th to the $51,500 support resulted in a 20 percent retracement.
From there, the price of Bitcoin recovered some of its losses before hitting resistance at $57,000. The stock then drifted sideways for the next few days, creating a consolidation range of about $54,000-$57,000.
BTC/USD fell again overnight, breaking through the $54,000 support level. The next level of support was soon hit at $51,500, and any downside was dismissed when the stock was easily taken over by bulls and forced up into the $54,000 mark.
BTC/USD is currently trading in the $54,000-$57000 consolidation range that was listed earlier. The new market trend is technically bearish because Bitcoin has yet to set a higher high. However, given how quickly more downside was dismissed earlier today, we should expect to see more bullish traction later this week.
We foresee more upside towards the next resistance of $59,500 after Bitcoin establishes a higher peak above the $57,000 resistance. BTC/USD will most likely retrace and create a strong higher low from there, from which an entry may be made in the hope that the overall several-month bullish momentum will continue in the coming weeks.
Conclusion on Bitcoin Price Prediction
The Bitcoin price forecast is positive, as an effort to break below $51,500, the previous support level, was met with a swift rejection to the upside. As a result, we expect Bitcoin to begin trading higher later this week, eventually breaking through the $57,000 resistance, with a goal of $59,500.