Bitcoin Price Prediction: Bitcoin Price Failed to Accelerate Above $58,000 Resistance

  • Bitcoin price opened the daily chart with a downtrend from $57,996 to $56,990.
  • A bullish trendline has formed with support near $56,533 on the 4-hour chart.
  • If BTC failed to clear key resistance at $58,000, remain prepared for a lower correction.

Bitcoin Price Prediction: General price overview

Bitcoin Price retested the $58,000 price level in the late trading hours of yesterday’s daily chart. The coin achieved $58,137 before correcting lower near the $56,685 support level. 

The digital currency is now trading nicely above $56K and the 100-hourly SMA. The bulls are in control of the price, and the market is anticipating a positive acceleration above $58,000. The 14-day RSI is trending at 41, and breaking below 30 translates to the end of any further downtrends. But it turns out the RSI operating below 50 is a negative sign indicating a market congested with selling pressure. The bulls are, however, betting on the stochastic oscillator, which is signaling a bullish pattern.

Meanwhile, Bitcoin opened the daily chart with a downtrend from $57,996 to $56,990.The coin attempted to consolidate a recovery above  $57,500 support but was rejected at $57,590. Therefore resulting in another bottom with support near $56,970.

During press time, Bitcoin is trading at $56,796. It is facing multiple resistance at $57,000 and $57,200. If the coin manages to close above the $57,200 and build support near $57,500, the digital asset could extend an ascending channel well above $58,000 and the 100-hourly SMA.

On Thursday, Bitcoin broke above resistance at $55,000 and cleared several resistances on the upsides. This gave the coin enough closure to break above the $57,000 and $57,500 price zones and into a monthly high of $58,137. The coin has already corrected lower, but we anticipate an uptrend above $58K before the end of the weekend.

Bitcoin bulls should strive to sustain the price and consolidate momentum so as to clear the $58,000 resistance. The downswing on the 4-hour chart is a danger zone and might result in lower price corrections. Note, Bitcoin’s first major support is at $56,200, near the 50% Fibonacci retracement level of the upward price correction to $58,137 high from $54,138 low. The bulls should also defend the $55,000 support and prevent any corrections that would spark a long-term downtrend.

Bitcoin price movement in the past 24 hours

Bitcoin Price
(Source: Tradingview)

 

The daily chart opened at $57,912 and formed a descending channel that bottomed at $56,548. Bitcoin is trying to recover from the sharp losses and correct the above resistances at $56,600 and $56,800.

However, the coin has formed a major bullish trendline with support near $56,520. This trendline lies near the 50% Fibonacci retracement level of the upward price correction to $57,367 high from  $53,367 low.

Bitcoin is facing increased seller pressure around $58,000; if the bulls manage to beat this target, the market should remain hopeful of a new increase above $60K. Further consolidation will be at the $62,200 level and prepare the bulls for an All-Time High.

Bitcoin 4 hour chart

Bitcoin Price

(Source: Tradingview)

A bullish trendline has formed with support near $56,533 on the 4-hour chart. The trendline is already clearing resistance within $56,700 and seems to be heading for $56,900. Above this level, we can expect a new break out above $57,000.

Bitcoin Price Prediction: Conclusion

If BTC failed to clear key resistance levels at $57,000 and $58,000, remain prepared for a lower correction. However, if the bulls remain intact, the digital asset will find its way into a full recovery above $58,000 and a bullish trendline to beat another ATH.

News Source