TL;DR Breakdown
- BTC finds support around $54,000.
- Closest resistance at $56,000.
- Next resistance at $59,000.
Today’s Bitcoin price prediction is bullish as the market dropped almost 10 percent over the past 24 hours from the $59,500 high to the $53,500 low. Since further downside was heavily rejected and the market price returned back below the $56,000 resistance, we expect Bitcoin to start moving higher over the next 24 hours.
The cryptocurrency market is in the red today. The market leader, Bitcoin, trades around $55,000 and has lost 4 percent over the last 24 hours. Meanwhile, Ethereum trades just below the $4,000 mark, with a loss of 4.5 percent. Among the top altcoins, the worst performance is seen for Ripple (XRP), Chainlink(LINK), and Litecoin (LTC), with a loss of around 5-6 percent.
BTC/USD opened at $55,866, after retracing from the $59,000 resistance yesterday. Currently, a slightly higher high is set at the $54,000 mark. Therefore, we expect BTC/USD to push higher towards the $59,000 resistance over the next 24 hours as bulls attempt to finally break it.
Bitcoin price movement in the last 24 hours
BTC/USD price moved in a range of $54,071 – $58,534, indicating a good amount of volatility. 24 hour trading volume has dropped by 21 percent and totals $73.2 billion. Meanwhile, the total market cap trades around the $1 trillion mark, leading to market dominance of 42.84 percent.
BTC/USD 4-hour chart – BTC consolidates below $56,000
On the 4-hour chart, we can see BTC/USD rejecting further downside below $54,000 with a strong spike.
Bitcoin price continues slowly moving higher over the past days. After dropping by more than 25 percent in the second half of April, BTC/USD established a strong base around the $49,000-$50,000 area, sending a signal to the market that it is time to reverse.
After Bitcoin spiked to $47,000 on the 25th of April, the market quickly recovered and reached the $56,000 mark. From there, another higher high st $59,000 was established on the 3rd of May. After retesting the $53,000 support, Bitcoin attempted to break the $59,000 resistance again late last week.
This time, Bitcoin established a slightly higher high at $59,500. After retesting again yesterday, BTC/USD pushed lower and set a slightly higher low around $54,000. Since then, Bitcoin price action has moved sideways below the $56,000 resistance as bulls build a base from which to push higher later this week.
Therefore, we can expect BTC/USD to break above the $56,000 mark and start heading to the $59,000 resistance and the $59,500 previous swing higher over the next 24 hours. If Bitcoin fails to breach these resistance levels, we could see a much serious medium-term downswing form over the next weeks.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market rejected further downside yesterday. Therefore, once the current consolidation below the $56,000 breaks to the upside, we can expect BTC to move higher to breaks the $59,000 resistance. From there, the next target is located at the $61,000 mark, meaning a potential gain of around 9 percent from the current price.
While waiting for further Bitcoin price action development, see our guides on how to sell and use Bitcoin. To learn more about of of the oldest altcoins, see our article on how to mine Monero.
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-2021-05-11/
