Bitcoin price prediction: Bitcoin retests $54,000, prepares to move higher later today
Summary of the situation
BTC finds support of $54,000.
The next resistance is at $55,500.
The next major resistance at $57,000.
Today’s forecast for the bitcoin price is bullish, as the market rejects a new downtrend after failing to get below $54,000 support. Therefore, we expect BTC/USD to move higher over the next 24 hours as bulls attempt to establish higher resistance above $57,000.
Crypto-currency heat map. Source : coin360
The entire cryptocurrency market has dropped in the last 24 hours. Bitcoin is down 4% as it recaptures its previous lows. Ripple (XRP) is the worst performing of the major altcoins, down 16%. Dogecoin continues to gain ground and is up nearly 20% after breaking through the $0.40 mark.
BTC/USD opened at $55.696 after a brief bounce yesterday and a subsequent reversal around resistance at $57.000. From that point, the bitcoin price set another lower high and a slightly lower low as there was a quick move below $54,000 support in the final hours. However, if a further decline fails to materialize, we expect the market to reverse its trend later in the day, aiming to break above the $57,000 resistance level.
Bitcoin price movements in the last 24 hours
The BTC/USD price fluctuated between $54,062 and $57,520, indicating moderate volatility. Trading volume fell 14% to $65.84 billion. The total market size is just over 1 trillion, with a market dominance of 51.72%.
Chart 4 hours BTC/USD – BTC gives a new low at $54,000 on.
On the 4 hour chart we can see that the BTC/USD is currently trying to move downwards. If we reject a new downtrend, we could see a move higher towards resistance at $57,000 later today.
4 hour chart BTC/USD. Source: TradingView
Overall, bitcoin has turned bearish in recent days. After falling from a low of $50,500 on April 25 to a high of $64,896 on April 14, the market was back on track. After rising nearly 30% in two separate waves in April, it has begun to slow.
Late last week, we saw the price of bitcoin hit several lows and highs before breaking through the previous key support of $60,000 without much hesitation. From there, another rise was seen to $51,500. The bulls quickly drove the price action to resistance at $57,000, where a much lower high was established.
After some consolidation, BTC/USD started moving lower and almost retested the support at $54,000. After a brief rebound overnight, the price of bitcoin has started to fall again and is currently testing support at $54,000 again.
If there is no new downtrend in the next few hours, we can expect the market to reverse and move higher today. An initial minor resistance is seen at $55,500; but since it has been negated several times, the market is likely to reach the $57,000 level today. From there, if bitcoin has peaked, we should see the market rally for the rest of the week.
However, if BTC/USD falls further and breaks support at $51,500, we can expect a much longer recovery in the bitcoin price structure. The following key support is being tested
Bitcoin Price Forecast: Supplement
The forecast for the bitcoin price is bullish as we see BTC/USD forming a higher low in the coming hours. The next target for bitcoin bulls is the previous high of $57,000. Once it is broken, we can expect bullish momentum to return for several weeks.
In anticipation of the changing price of bitcoin, check out our guide on bitcoin mining software and how it works. Also check out our comparison of Litecoin and Bitcoin.
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