TL;DR Breakdown
- Bitcoin supported by $54,000.
- Next resistance at $57,000.
- 100 MA currently being tested.
Today’s Bitcoin price prediction is bullish as the market surges higher after retesting previous support at the $54,000 mark. Currently, BTC/USD has approached resistance at $57,000, which if broken should lead towards a medium-term reversal from the bearish momentum seen last week.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market continues pushing higher over the last hours. Bitcoin is up by 4 percent, while Ethereum still holds around 1.7 percent gain. The worst performance from the major altcoins is seen for Ripple, as it is down by 2.63 percent over the last 24 hours. Theta has posted the best result, with a gain of 21 percent. If the current bullish momentum persists, we should see even higher price increase by the end of today.
BTC/USD opened at $54,333 after very calm yesterday. Since then, the market has moved much higher as it looks to retest resistance at the $57,000 mark. If the bullish Bitcoin price momentum can continue later today, we are likely to see the resistance broken. Alternatively, the market will reverse and set another lower swing high, which should lead to more downside over the next few days.
Bitcoin price movement in the last 24 hours
Over the last 24 hours, Bitcoin has moved in a range of $53,827 – $56,761, indicating a good amount of volatility. 24-hour trading volume has decreased by 7.18 percent and totals $58.2 billion. Meanwhile, total market capitalization still stands above the $1 trillion mark.
BTC/USD 4-hour chart – BTC test previous resistance as a support
On the 4-hour chart, we can see the price of Bitcoin pushing higher over the past hours after support at $54,00 was retested with a clear rejection. Currently the Bitcoin price has approached next resistance at $57,000.
BTC/USD 4-hour chart. Source: TradingView
Overall, Bitcoin has experienced bearish momentum over the past 10 days. After setting a new all-time high just below the $62,000 mark, BTC/USD retraced by over 10 percent and found support around $54,000.
From there the Bitcoin price unsuccessfully attempted to move higher again and peaked at the $60,000 mark. After consolidating below this area for several days, BTC reversed lower and dropped all-the-way back towards the previous support of $54,000.
This drop has resulted in another consolidation around the support yesterday. However, today, Bitcoin started moving higher again and currently is close to testing the $57,000 mark. Additional resistance is provided by the area between both 50 and 100 period MA`s.
If the current Bullish Bitcoin price momentum continues, we should see this resistance break over the next hours. This could lead Bitcoin towards the next resistance of $60,000 by tomorrow and indicate that bullish momentum has taken over again.
Alternatively, if BTC/USD gets resisted by the resistance at $57,000, we could see another lower swing high set and another medium-term downswing lower. Potential next support level around $51,500 would mean another drop of around 10 percent from the current price.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market retested previous support at the $54,000 mark and currently pushed higher towards $57,000 resistance. If this resistance is broken, we can expect more upside over the next 24 hours. Alternatively, if BTC/USD rejects $57,000 resistance, we could see another medium-term push lower as the market looks to set another lower swing low.
For further reading, see our Bitcoin halving guide and comparison article on Bitcoin vs Ethereum. If you are looking for an altcoin, check our Dent Token price prediction.
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-2021-03-24/
