in

Bitcoin price prediction: Bitcoin rejects from $56,000 support, set to move back above $60,000? 


TL;DR Breakdown

  • BTC retested $59,000 resistance yesterday.
  • Closest support at $56,000.
  • Next target for BTC/USD at $61,000.

Today’s Bitcoin price prediction is bullish as the market retraced overnight to retest support around $56,000. Since further downside was rejected earlier today, we expect Bitcoin to move higher next week as it attempts to move back above the $60,000 mark.

Bitcoin price prediction: Bitcoin rejects from $56,000 support, set to move back above $60,000?  1
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results as Bitcoin is down by 2.5 percent, while Ethereu m is up by 2.5 percent. Dogecoin is among the worst performers with a loss fo around 20 percent. Meanwhile, Cardano has performed the best as it has gained almost 13 percent over the last 24 hours.

BTC/USD opened around $59,000 after a push higher yesterday. Any further upside was rejected, despite a slightly higher high being set. Today, the Bitcoin price retraced to set a higher low above the $56,000 support. Therefore, as long as this support level holds, we expect BTC/USD to move higher next week, with the next target at $61,000.

Bitcoin price movement in the last 24 hours

BTC/USD price moved in a range of $56,482 – $59,464, indicating a good amount of volatility over the last 24 hours. Trading volume for the period has remained unchanged and stands at $66.2 billion. Meanwhile, the total market cap trades at $1.07 trillion, resulting in market dominance of 44.37 percent.

BTC/USD 4-hour chart – BTC trades above $57,000 after rejecting further downside

On the 4-hour chart, a rejection for further downside above the $56,000 support is seen, indicating an upcoming reversal.

Bitcoin price prediction: Bitcoin rejects from $56,000 support, set to move back above $60,000?
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr

BTC/USD 4-hour chart. Source: TradingView

Bitcoin has continued to move higher this week after some loss of momentum initially. Overall the market still recovers from the 25 percent drop seen over the second half of April, when a retracement from the $65,000 price mark was set in two separate bearish waves.

After some initial recovery at the end of April, BTC/USD reached $56,000 resistance. After a small retracement, another push higher was made, with BTC trading below $59,000 by the 3rd of May. From there, another strong retracement was made to retest $53,000 support.

Over the past days, Bitcoin has slowly moved higher again, with an initial push peaking around $58,000. After a small retracement to the $56,000 mark, BTC rallied again and broke above the previous local swing high of $59,000, indicating bullish momentum slowly regaining control over the market price action.

Today, BTC/USD retraced once again to retest the $56,000 support. A quick spike lower was seen over the past hours, however, bulls quickly picked up any further selling pressure. Therefore, we expect BTC/USD to move higher over the next 24 hours and push towards returning above the $60,000 mark next week. Further, the next resistance is seen at $61,000, meaning a potential gain of around 5-6 percent over the next days.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market rejects further downside above the $56,000 and has set a higher local high. Therefore, if the $56,000 support is not broken, we expect BTC/USD to push higher next week and return above the $60,000 mark, with the next resistance at $61,000.

While waiting for further Bitcoin price action development, see our guides on Bitcoin wallets and ETFs. To learn more about how to invest in cryptocurrencies, see our step-by-step guide.

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.



Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Cryptocurrency Actually Good for the Climate, Says High-Profile Analyst – Here’s Why

Cryptocurrency Actually Good for the Climate, Says High-Profile Analyst – Here’s Why

Ethereum Futures Open Interest Hits Record High As Markets Struggle To Stay Bullish

Ether Price Continues to Escalate