- BTC breaks previous resistance at $54,000.
- Further upside rejected at $55,500.
- Next resistance at $57,000.
The overall market is in the green overall. Market leader – Bitcoin is up by 3.6 percent, while Ethereum stands at 4.2 percent gain. The worst performance is seen for Cardano (ADA) as it has dropped by 6.6 percent.
BTC/USD opened at $55,080 after strong bullish momentum yesterday resulted in a price increase of over 7 percent. Right now, Bitcoin seems to reject further upside as a bearish pin bar is formed around the $55,000 mark. This should mean that the overall bearish Bitcoin price momentum will likely resume over the weekend.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $52,836 – $55,646, indicating a good amount of volatility after a previously calm trading session. Trading volume has seen a further drop by 21.86 percent and totals $49.1 billion. Market cap has returned over the $1 trillion mark; however, when considering that the price of BTC/USD rejects further upside, we are likely to see it back below $1 trillion later today.
BTC/USD 4-hour chart – BTC prepares to set another lower high?
On the 4-hour chart, we can see that the bullish momentum yesterday is exhausted as most of the previous downswing has been retraced. Therefore, Bitcoin likely prepares for another push lower over the weekend.
Overall, Bitcoin continues to move in a very bearish price structure for the past week. The market has set several lower highs and lows, indicating steady bearish pressure since the price of BTC/USD failed to break the psychologically important $60,000 mark.
Yesterday, we saw Bitcoin push higher, and after a small rejection at the previous support turned resistance at $54,000, the price spiked higher until it finally met resistance at $55,500. Right now, the price action of Bitcoin indicates that the market is ready to return to the downside gain. Therefore, we should see more downside over the next 24 hours.
Strong support is still located at the previous low of $51,000-$52,000. If this area holds BTC/USD from moving lower, we could see a consolidation formed in the first part of next week. However, when considering the overall bearish pressure, the most likely scenario will be that Bitcoin breaks through this support and sets another lower low.
The next significant support is located relatively far away – at the $48,000-$49,000. If this support is reached from the current price, Bitcoin will see another wave lower of around 10-11 percent. Therefore, a short position could be made with the overall mid-term bearish Bitcoin price momentum.
Once the next major support around the $48,500 is reached, we could see Bitcoin start to reverse in a much more serious way as most of the upswing seen at the beginning of March will be retraced, indicating that the market is oversold once again.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bearish as most of the previous downswing has been retraced, and signs of rejection for further upside are present. Therefore, we expect Bitcoin to push lower over the weekend and likely reach the next major support at the $48,500 mark.
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.