TL;DR Breakdown
- BTC reached $58,000 overnight.
- Bitcoin currently tests support at $56,000.
- Resistance to break at $59,000.
Today’s Bitcoin price prediction is bullish as the market pushed higher overnight and made a slight retracement of the $56,000 support over the past hours. Therefore, we expect Bitcoin to move higher later today as bulls attempt to finally break above the $59,000 resistance.
The overall market has moved higher over the last 24 hours. Bitcoin has moved above the $55,000 price mark and trades with a slight gain of 2.6 percent. Meanwhile, Ethereum is among the best performers with a gain of 9.41 percent.
Bitcoin price prediction: Bitcoin established higher low above $54,00, ready to break $60,000?
BTC/USD opened at $56,753 after a slight rally from the $55,000 mark yesterday. Currently, a small retracement to retest the $56,000 support is seen with rejection for further downside. Therefore, we expect the Bitcoin price to move higher over the next 24 hours with a target to break above the $59,000 resistance.
Bitcoin price movement in the last 24 hours
BTC/USD price moved in a range of $55,572 – $57,939, indicating a relatively low amount of volatility. 24-hour trading volume has dropped by 13 percent and totals $64 billion. The total market cap trades at 1.06 trillion, resulting in the further declining market dominance of 42.22 percent.
BTC/USD 4-hour chart – BTC
On the 4-hour chart, we can see the Bitcoin price action rejecting further downside over the past hours, indicating that further highs will be seen later today.
The overall market continues to lose its momentum over the past weeks. After retracing by more than 25 percent from the $65,000 all-time high during the second half of Bitcoin established a base from which to reverse around the $50,000 price level.
From there two strong waves higher were set until the Bitcoin price reached the $59,000 mark. Since then, BTC/USD has struggled to make higher highs while setting slightly lower lows, meaning that the market is trading in an increasingly tighter range.
On Monday, Bitcoin retraced once more and set another higher low, indicating that the market is still technically bullish. After some consolidation below the $56,000 mark, BTC/USD moved higher overnight and regained most of the loss.
Earlier today, Bitcoin made a slight retracement to the $56,000 mark, with further downside rejected. Therefore, unless a lower low is set, we expect BTC/USD to make another attempt to break above the $59,000 mark later this week.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market moved higher yesterday and rejects further downside after retesting the $56,000 support earlier today. Therefore, Bitcoin should push to break above the $59,000 resistance over the next 24 hours, with the next price target at $61,000.
While waiting for further Bitcoin price action development, see our latest guides on how to buy Bitcoin using a credit card and how to use Bitcoin. To learn more about the cryptocurrency market, see our guide on investing in cryptocurrencies.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Source: https://www.cryptopolitan.com/bitcoin-price-prediction-bitcoin-2021-05-12/
