Summary of the situation
- BTC breaks previous resistance at $54,000, which now serves as support.
- BTC reached a high of 55,794 today.
- The next major resistance lies at $57,000.
Today’s forecast for the bitcoin price is bearish, as the market has lost its bullish momentum in recent hours. As a result, we expect support at $51,500 to be restored within the next 24 hours.
Heatmap for crypto-currencies. Source : coin360
Overall, the cryptocurrency market is trading with mixed results today. Bitcoin was flat, while Ethereum rose 2.5 percent. Vechain (VET) performed the worst with a 5.5% decline. Uniswap was one of the best performers, up 9.5%.
BTC/USD opened at $55.069 following slightly bullish momentum yesterday and a strong push higher on Monday. Today, the market gave up further gains and the bullish momentum has faded over the past 24 hours. This should lead BTC/USD to a correction later this week, with the first support level at $51,500.
Bitcoin price movements in the last 24 hours
Over the past 24 hours, the BTC/USD pair has traded in a range of $53,887 to $55,686 with a total trading volume of $45.5 billion, down 13.56% from yesterday. The total market volume has again crossed the $1 trillion mark, resulting in an overall market dominance of 49.42%.
Chart 4 hours BTC/USD – BTC tests $54,000 level assupport.
On the 4-hour chart, we can see the sideways movement of BTC/USD over the past few hours, suggesting that we will soon see a pullback towards the $51,500 support.
4 hour chart BTC/USD. Source: TradingView
Overall, bitcoin is still in a strong downtrend, with the market having lost nearly 30% after peaking at just under $65,000. There were two strong downward waves over the past two weeks, with a consolidation zone forming around $54,000 – $57,000, suggesting that BTC is likely to encounter resistance in this area if it continues to advance.
The price of bitcoin jumped to $48,000 late last week, followed by several days of consolidation in a narrower range. On Sunday, another downward spike set the bottom at $47,000. From there, BTC/USD rose rapidly and surpassed the previous support at $54,000.
Bitcoin is currently trading in the previously mentioned price range of $54,000 to $57,000. So today we were able to register a plus again. Still, we expect BTC/USD to return to higher lows in the coming days, from where the current bearish price structure could possibly reverse for a few weeks.
The first support is near $51,500. If BTC can set a higher bottom there, we can expect the next rise to take the price of bitcoin above $57,000. From here, BTC/USD should continue to rise in the coming weeks.
Bitcoin Price Forecast: Supplement
The outlook for the bitcoin price is bearish as the market shows signs of exhaustion after reaching nearly 20% in recent days. So once the $54,000 limit is reached. With the close at $51,500, we see a move to the next support at $51,500.
While we wait for further fluctuations in the bitcoin price, check out our guides on bitcoin mining pools and litecoin mining. Also, check out our guide on bitcoin debit cards to learn more about spending your crypto currency.
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