- BTC retraces 6 percent overnight.
- BTC/USD finds support around $48,000.
- The closest resistance still at $51,500.
Today’s Bitcoin price prediction is bullish as the market rejected further downside earlier today after retracing overnight. Therefore, we expect bulls to push Bitcoin higher over the next 24 hours in an attempt to break the $51,500 resistance.
The crypto market trades mostly in the red today. Bitcoin has returned below the $50,000 mark and trades with a loss of 3.88 percent. Meanwhile, Ethereum is down by 6 percent after another retracement overnight. Cardano (ADA) is among the top performers as it has gained 18 percent over the last 24 hours.
BTC/USD opened at $49,893 today after retesting the $51,500 resistance and returning lower yesterday. Today, Bitcoin moved even lower as it tested the $48,000 mark, where further downside was rejected.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $47,858 – $51,294, indicating a moderate amount of volatility. The trading volume over the last 24 hours has decreased by 14.84 percent and totals $56.2 billion. Meanwhile, the total market cap trades at $917 billion, resulting in market dominance of 40.12 percent.
BTC/USD 4-hour chart – BTC rejects further downside at $48,000
On the 4-hour chart, we can see Bitcoin price retracing overnight and setting a higher low at the $48,000 mark over the last hours.
The overall BTC/USD price action still trades with a several-week bearish price structure. After several higher highs were set during March and April, Bitcoin set a new all-time high at $65,000. Since the market momentum slowly decreased over this time period, bears already expected a much serious reversal.
On the 15th of April, the Bitcoin price started pushing lower until support was found at the $47,000 mark, resulting in a total retracement of over 25 percent. From there, Bitcoin consolidated for more than 24 hours and established a base from which to push higher. After a brief spike to the $47,000 mark on the 25th of April, the market started to push higher and reached the $59,000 mark after two short-term upswings.
Over the next few days, the $59,000 resistance was retested several times, indicating that the market cannot move any higher without a serious retracement. This, indeed, was true as another drop of 20 percent was seen on the 12th of May, with support found around the $47,000 mark once again.
Around the $50,000 mark, BTC/USD started to consolidate again over the past days, with the $51,500 resistance retested yesterday. This resulted in another retracement overnight with support found at the $48,000 mark this time.
Therefore, we expect the Bitcoin price action to reverse again and try to break above the $51,500 resistance. From there, the next resistance is relatively close by at the $53,000 mark. Once it is reached, BTC/USD price structure would start to become bullish once again.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bullish as the market has set a higher local low, indicating that bulls are establishing a base from which to push higher over the next 24 hours. Once the next resistance at $51,500 is broken, we expect Bitcoin to rally even further over the next week.
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